Purchasing life coverage for the family is crucial. Your children and nephew will rely on the policy to pay if the worst happens. But how do you find Cheap Life Assurance UK? Here are some expert tips to ensure you get a quality policy at the right price.
UK residents should avoid any type of overseas or offshore life policy to keep their costs down. Buy your life insurance only from a life company based in the UK. Offshore operations add a degree of complexity and this, in turn, increases the price if you are in the UK. Keep it simple, keep it UK and keep your costs down.
You can choose to get a simple term life insurance quote from a UK based company for a cheaper plan. This policy only provides for a lump sum payment in the event of the death of the insured. It’s a key part of getting the best value at Cheap Life Assurance UK.
Be aware of policy exclusions, like the two-year suicide exclusion, for example. More practically, however, check travel or recreational exclusions, such as in which countries the policy might not pay. This could be doubly important if you travel a lot for business.
Check, too, about any “risky” activities you are engaged in at the time of application. Each insurance company has its own underwriting guidelines that cover what they consider to be more dangerous than usual. Examples of these hobbies include scuba diving, hang gliding, and having a private pilot’s license.
Watch out for “tied” agents. He is someone who is only allowed to sell his own company’s products. A tied Agent cannot shop around for the best value offer for you. The alternative is to find a way to get life insurance quotes from many or all of the major insurance companies. The easiest way to do this is by using an online website service that verifies many different life insurance companies. That way you should find cheap UK life insurance very quickly and easily.
Be very careful not to purchase a “non-medical life insurance plan.” These types of policies generally have higher premiums and lower sums insured than traditional life insurance policies. Your death benefits are also often limited to no more than the return of premiums paid plus interest for the first two years of the policy. These policies are designed only for applicants with health problems, so use them only if you fall into that category. You should also go see a broker, because they will know the market and be able to talk to the underwriter for you.
Avoid cheap accidental death insurance like the plague. It is almost useless to protect your family because hardly anyone dies by accident. The overwhelming number of claims are for people who unfortunately get sick and die as a result.
Term life insurance costs have fallen in recent years, but be very careful if you’re tempted to replace existing life insurance. You must verify that the benefits are exactly the same, such as the amount of insurance coverage, the period of validity, etc., before replacing a plan. It may be worth it, but be very careful when doing it.
Getting the best cheap UK life insurance is a pretty simple job thanks to the internet. There are some great websites out there now that make the job a lot easier than it used to be.