Compare the top life insurance companies. If you don't compare them against the market now it could cost you £1000's. Compare the whole life insurance market.
We live in a fast changing world today. Having a life insurance policy is essential in today’s world to ensure that we have peace of mind. Life insurance companies come in different sizes and each company has its own specialties in different fields of coverage. Many people often ask which the best insurance company is. This question is too generalised and there is no definitive answer. Every individual and family has its own different situation and what suits one family can be a problem for another one. Most people go to advisors and receive advice on which company and which type of policy will suit them but the truth of the matter is these advisors get paid by the insurers too.
There are many websites on the internet such as payingtoomuch.com that enables the user to compare insurance policies, but that is for people who can understand the policy terms and understand what they need and want. Anyway we have compiled a list of 10 of the best insurance companies in the UK:
Aegon Life Insurance Company was previously known as Scottish Equitable. Aegon is headquartered in Edinburgh, Scotland and have a customer base of around 2 million customers. This insurance giant employs around 3,500 people as staff.
Ageas is one of the best life insurance providers in the UK and it is frequently ranked in the top 20 insurance companies of Europe. The factor that sets Ageas apart is that they are constantly innovating. In recent years, they have launched a Low Start Life Insurance which matches premium rates more closely to actual age whereas most companies use an average age based system.
Aviva is one of the largest insurance providers in the world and is amongst the most reliable ones. Aviva has over 53 million customers worldwide and operates in 28 countries.
Bright grey is part of the largest mutual life and Pensions Company in UK which is Royal London. Bright grey was found in 2003 and specializes in critical illness cover.
Bupa Life insurance company is a division of Bupa Health Assurance Limited which is part of the Friends Provident Group. Bupa is one of the best private health insurers in UK.
Friends Life Insurance Company is owned by Resolution and it was found in March 2011. Resolution had previously acquired Friends Provident Life Insurance Company in November 2009. Bupa and AXA UK was taken over by Resolution in 2011.
Legal and General was started in 1836 and has since grown steadily to become one of the most trusted insurance companies of UK.
Liverpool Victoria was found in 1843 and are one of the largest insurance providers in UK. Liverpool Victoria is owned privately by the members and has no shareholders.
PruProtect Life is one of the best insurance providers in the field of critical illness protection.
Scottish Provident is a division of the largest mutual life and pensions company in the UK, Royal London Group.
Zurich was started in 1872 and it has a customer base of over 60,000 people and Zurich operates in 170 countries.
Before picking the company for you make sure you understand, even if only a little, what life insurance is. Here are our two favourite videos to help you:
How to Choose a Term Life Insurance Company
For most people life insurance is just an unnecessary extravagance until something happens out of the blue. For most young people they never really get concerned with the important things in life until they get a little older and then they usually want to get everything done in one night. If you consider yourself to be smart then you would understand the benefits of buying life insurance when you are younger.
There are many kinds of life insurances floating out there and choosing the right one for you is a bit of a challenge. You need to do a little homework before getting your life insurance policy. There are basically two kinds of life insurance policies available: Term life insurance policies and permanent life insurance policies. Term life insurance policies last for a predetermined term and if the policy holder passes away within that ‘term’ then the beneficiaries receive payouts. Term life insurance policies usually come in terms of ten to thirty years. The scheme of permanent life insurance policies can be understood from the name itself; it is a policy that will last a lifetime but is very expensive.
The big advantage of a term life insurance policy is the cost. It is much cheaper than the permanent life insurance policies and covers the same things. The one thing you have to remember when you are buying life insurance is that it is a product to ensure your peace of mind. Having a term insurance will be enough to achieve that. The best thing to do is to buy a reasonable term insurance policy and make savings at the same time so even if you are alive after the term ends you have something to fall back on.
Once you have decided on what kind of policy you need it is time to shop around for the best price. The best way to compare policies is to use a life insurance broker such as AccuQuote or LifeInsure. Once you have filled out some basic questions about yourself you can use this services to compare different policies side by side. However don’t just go for the lowest rate in sight. The next thing to consider is the stability of the insurance provider. You can search on the internet to check the financial rating of the insurance company you are considering. Do a little research and go for the company with the best ratings.
Owning a term life insurance will give you significant peace of mind in an otherwise risky world. Measure your options and choose the policy that suits your needs best.
How to Compare Life Insurance Policies
Death of a loved one is traumatic, more so when having to deal with financial difficulties at the same time. Ensure the well-being of your dependents by purchasing a life Insurance policy that will help meet their financial requirements even after your death. Individual needs will vary and thus, it is important to decide the details of your life cover rather than follow your friends or relatives.
How to Compare Life Insurance Policies
Comparing the various policies is an important and vital step to choosing the most appropriate life insurance policy. Carefully follow the steps listed below and ensure peace of mind for yourself and your survivors.
- List out your financial goals and obligations for the next 10-15 years
- List out your dependents and the financial needs of each. Add a 10-15% margin above your estimated value.
- Check out the various possible life insurance policies, the premium payable, the payout value and structure. For instance, some policies pay a lump sum and then cease, while others pay a fixed amount per month.
- Check your eligibility for the policy as well as hidden costs if any.
After having listed all the facts above comes the process of comparison. A life insurance policy should by definition meet the financial requirements of your survivors after your death. What if you are terminally ill and unable to work? This scenario too has to be considered.
Only review policies by reputed providers. There are many online sites that help you compare similar policies by different service providers. However, the selection of each policy should be made keeping in mind the investment, the maturity value and the payout structure. For instance, if you have children still in school, invest in a policy that would payout a steady income month on month to meet their educational demands. Similarly, if you have purchased a house for which you are still repaying the mortgage, take out a mortgage insurance policy that will complete the balance repayments without putting unnecessary stress on your survivors.
Deciding the Value of Life Cover
The greater the life cover, the higher is the value of premium on the life policy. While you may feel the need to provide the maximum possible funds for your survivors, you must strike a balance between expected income and cost. Ensure that you keep your financial goals realistic while deciding the value of your life cover.
Main Benefits of Comparing Life Insurance Policies
By taking time to study and compare the various policies, you can choose the most suitable life insurance policy to meet your financial obligations in all possible scenarios like death, illness or accidents and thus, protect the interests of your dependents. You can also anticipate future expenses and provide for them through appropriate policies.
Main Draw-Backs of Comparing Life Insurance Policies
There are no major drawbacks to speak of when comparing life Insurance policies. However, by listing out your financial goals and obligations you may feel jittery. Stay calm and focused while making your choices and strike a balance between cost and benefits of the policy.
How to Compare Life Insurance Reviews
Once you have decided on the type of life insurance policy to purchase, the next step is comparing the offerings from various service providers. Reading the reviews of each policy is an easy method of gathering information about a product without having to go through tons of literature.
Good Websites to Check Reviews
How to Compare Life Insurance Reviews
An excel sheet would be an excellent choice if you wish to make the comparison manually. Alternatively, there are various websites that help you compare the policies as well as the reviews. It is interesting to note that comparing products is a far easier task than comparing reviews for obvious reasons! The following steps will help you compare the reviews and aid you in selecting the most suited life insurance policy.
- Read reviews by peers who have similar financial obligations since this is your study group
- Check out sites that offer reviews classified on age, education and social standing. A change in any of these factors would be reason enough to review your choices and make changes in your policies if required.
- List the important features in each review. Cross or tick the appropriate cell against each feature and you have a comparison sheet in hand.
Reviews of insurance policies as well as their comparisons are subjective. Thus the reviews would change with a change in circumstances. For instance a new homeowner would be advised to have a mortgage policy in place, while a parent with young children would need to make provisions for their education and other future needs while a person with grown up children and ownership of the house would not need either.
What is the Need for Reviews?
Reviews are an important tool to help understand the relevance of the policies to current circumstances. Reviews by peers in the same study group are indicative of the best possible choices before us and helps narrow down and select relevant life insurance policies with ease.
Main Benefits of Comparing Life Insurance reviews
Reviews of life insurance policies help in understanding their relevance to present circumstances and financial goals. Comparing reviews help in easy selection of suitable life insurance policies. Similarly periodical reviews of existing policies and their relevance to financial goals are also highly beneficial for staying invested in suitable policies and moving away from irrelevant ones.
Main Draw-Backs of Comparing Life Insurance reviews
Comparison of life insurance reviews is irrelevant if the selected study group is not appropriate. Inaccurate comparisons can result in the selection of unsuitable policies and inadequate coverage or unwarranted costs for purchasing the policies. Such policies may also not be relevant to the present financial goals and obligations.more information