Compare Life Assurance

How to Compare Life Insurance Policies

We show you how to compare life insurance quotes to get the best cover for you.

A life insurance policy can help see your family through the financial difficulties of settling your affairs when you die, if not the emotional trauma.
Life protection can prove particularly useful if you have dependants who already rely on your income, paying out a single cash lump sum on your death provided it’s within the policy term.
However, a cheap life insurance policy will mean very little if it doesn’t offer suitable cover. You should think about what income your loved ones would need to maintain their current lifestyle if you were to die, including any outstanding mortgage balance, general bills plus day to day living.
To make sure your loved ones are looked after when you’re gone you’ll need to compare life assurance cover and establish your priorities before you buy. You’ll need to consider:

Decreasing term life insurance

If you expect your costs to decrease significantly over the next few years, you may want to consider decreasing term life insurance people generally take this out to cover mortgage repayment commitments. With these policies your cover decreases proportionally the closer you get to the end of your policy contract.
If you decide to take out decreasing life insurance, seek financial advice and use a life insurance calculator to make sure you’ll still have suitable cover during each stage of the policy.

Level term life insurance

The alternative is level term cover which would pay the full payout sum right up until your policy’s end at a certain point in the future. This naturally means policy premiums tend to be higher, but it does protect you from the unexpected.
Whole life insurance runs on an ongoing basis and remains valid so long as you keep up with its premiums; it pays a fixed lump sum when you die which can be used to cover funeral costs or settle your affairs - this tends to be the most expensive type of life cover.

Check you’re eligible

Life insurance companies UK wide have their own set of application criteria that you’ll need to meet to be offered a policy. Whether you opt for level or decreasing cover, make sure you’re eligible before applying.
Compare the assurance policy terms and check when they expire; some providers may only offer a 10 or 20 year term on specific policies or if you’re over a certain age. If you’re retired it can also be worth looking at specialist senior life insurance. Check the maximum age limit if you need (e.g.) over 60s life insurance and tailor your life insurance UK comparison to find the best policies for you.
You should also consider your own health and fitness, as you’ll need to declare existing medical problems on your application. A life insurance with medical condition policy won’t payout if you die due to that condition, and some providers may not be willing to insure you at all without a medical. If you’re in good health you may be able to find life insurance no medical if you can satisfy their health criteria.
Finally, if you’re searching for a joint policy or for expats living abroad, check you’ll still be covered overseas. If you participate in extreme sports or other unusual activities (horseriding is often included), make sure they’ll be listed individually on your policy.
Once you’ve budgeted for a suitable cover level and found policies that can match your needs, you can get an individual life insurance quote from each and compare their premiums to find the best deal.

Choosing your life insurance with uSwitch is easy – just fill in your details and we’ll show you a range of the most comprehensive and affordable life insurance policie

What type of life insurance is right for you?

Whether you’re looking to protect your mortgage or leave something behind for loved ones, there’s a life insurance policy to suit your situation:

• Level term life insurance – if you pass away during the policy term your insurer will payout the amount you’re covered for

• Level term life and critical illness insurance – if you pass away or are diagnosed with a critical illness your insurer will payout the amount you’re covered for

• Mortgage protection insurance – if you pass away your insurer will payout the calculated amount of cover at that time – the amount of cover reduces in line with your repayment mortgage

• Mortgage protection and critical illness insurance – if you pass away or are diagnosed with a critical illness your insurer will payout the calculated amount of cover at that time – the amount of cover reduces in line with your repayment mortgage

What to check before taking out life insurance

Before you complete your life insurance application it’s important to check the following details:

• The amount of cover you’ve chosen – this should be enough to cover your debts and main outgoings
• The insurance premiums are fixed for the term of the policy
• The life insurance policy is in trust – this ensures any pay-outs will not be subject to inheritance tax
• The type of policy you’ve chosen is suitable for you circumstances

Is Term Life Insurance Right For You?
Term life insurance provides affordable coverage to meet your temporary needs. Term life insurance may be the right fit for you if you are looking for:

• Guaranteed coverage for a specific amount of time or to cover specific
  financial obligations
• Protection for your family on a limited budget
• Level premiums that are guaranteed not to change
• A complement to an employer's life insurance plan

How It Works

You can select a term of 10, 20 or 30 years. You receive a guaranteed death benefit for the term you choose, and your premiums are guaranteed to remain level for the length of the term. A variety of riders, or add-on benefits, allow you to tailor your coverage to meet your needs.