We all know the importance of buying life insurance and the benefits it provides for our loved ones. As the last thing we want to think about is dying, it often leads to us ignoring the possibility.
It has now led to only 56% of women having some form of life insurance in place which means the UK is now facing a huge protection gap.
At Hooray Health & Protection we hear from hundreds of women across the UK who want life insurance but it’s just too expensive.
Here are some useful things to know that can help you protect your loved ones at the right price.
Be Aware Of Promotions
It’s not uncommon to see ‘£100 gift card’ or ‘£50 cash back’ promotions for taking insurance with those companies.
Life Insurance companies consequently build this into your premium so you’re paying more for it in the long run.
If you use an insurance broker they can review numerous life insurance companies to provide you the best price.
Pricing Is Gender Neutral
Since December 2012, insurance companies can’t charge different premiums to men and women because of their gender.
So, if you see an advert for companies claiming to get the best prices for women it’s not true anymore.
Check Their Credentials
We always suggest using a broker because they can review more than one provider, but you may also use an insurance company directly.
Whichever option you decide to take, before handing your details over make sure they are regulated by the Financial Conduct Authority.
Lead generation companies will often look like a broker but then sell your details to brokers. Check the bottom of the company’s website or ask the person calling as these companies cause a delay to the process and cost you more.
Don’t Give Up
Most Life Insurance companies only want to cover people that have no pre-existing health conditions. This means there is a high decline rate for policies which can be dis-heartening.
Some insurance companies specialise in high risk insurance and specialist brokers can source these for you.
Keep Reviewing
Our lives can change drastically and this means our insurance needs are changing also.
Starting a family, meeting a new partner, career change, separation etc, are all examples of the changes that we can experience. If you experience a major life event, make sure you are checking the price is still competitive and the policy is still right for you.
We suggest reviewing your policy every two years to make sure it’s still the right thing for you.
Remember, when it comes to insurance it’s not a one size fits all approach as we are all unique. Make sure to do your research on a company first and find the right fit for you.
These are all correct! Especially the part that most insurance thinks that men have a higher risk of insured compared to women. Very informative.
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