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Life Insurance Comparisons
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You can choose your life insurance or critical illness cover from companies across the whole of the UK life insurance market such as...
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Life insurance FAQs
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- Which life insurance providers' databases do you have access to?
- Can I obtain online life insurance comparisons or quotes?
- What if I'm a smoker or in a dangerous job?
- What if I'm overweight?
- Why should I buy life insurance?
- Will my monthly life insurance premiums increase over time?
- How much life insurance cover do I need to buy?
- Can I be sure that my information stays confidential?
- What is term life insurance?
- Do I receive money back from my term life insurance policy?
- Should I consider buying joint life insurance?
- What is critical illness cover?
- Why should I buy critical illness cover?
- Should I cancel any existing life insurance plan now?
- Can I cancel my life insurance cover at any time?
- What is the difference between level term and decreasing term life insurance?
- What is level term with critical illness life cover?
- What is decreasing term with critical illness life cover?
- What is over 50s life insurance?
- How do I pay for my life insurance cover?
- Do I need to have a medical examination before I can buy life insurance?
- What if my life insurance provider goes out of business
- Why buy life insurance through us?
- How do I obtain life insurance comparisons?
Q: Which life insurance providers' databases do you have access to?
We cover the whole of the life insurance market. Here is a selection of our providers which we would draw your comparisons from:
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Q: Can I obtain online life insurance comparisons or quotes?
A: Comparison sites have been severely criticised in the media and by the Financial Services Authority (FSA) for their lack of independence and incomplete information. Some even sell your details to third parties and others make incorrect assumptions about your circumstances. You also need to understand what excesses you may have to pay.People often do not realise that they are not getting the complete picture. Not one of these comparison sites cover the whole market. For instance Aviva, the UK's biggest insurance providers, refuses to be listed on them. Some life insurance sites even have agreements in place with the insurer ensuring they do not offer better deals than them.
The FSA say of comparison sites: "Some may only include products that the website can make money from in some way, for example if you click through to the provider."
So basically, on the internet, many companies will give you instant quotes based on very little information. This therefore often bears no resemblance as to what you will end up paying. The prices quoted are usually for those in the best of health and who meet very specific, strict criteria. Accurate quotes can only be given that are based on a number of personal criteria like your family history, height, weight and medical background.
Companies compete for different types of life insurance business. This means that your unique circumstances could result in extremely varied premiums. You need full information to be able to compare life insurance policies.
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Q: What if I'm a Smoker or in a Dangerous Job?
A: The cost of your life insurance will depend on several factors, such as the amount of cover you require and the length of the policy term. But it's also based on the probability of your insurer having to pay out.
For instance, as a smoker, you will pay more than a non-smoker and if you do a dangerous job you will pay more than an office worker. Life insurance also costs more for men because on average they do not live as long as women. I am sure you get the idea.
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Q: What if I'm Overweight?
A: If you're a larger person you will pay more for your life insurance than a thinner person. Approximately 25 percent of the people in the UK will experience problems getting the life insurance cover they want due to being overweight. Shockingly, some are even flatly refused by life insurance companies.Weight and height and are just two of the questions you answer when you apply for life insurance. Insurers use this information to calculate your Body Mass Index (BMI). If your BMI exceeds life insurance companies' acceptable limits, you can expect your premium to increase - if it exceeds their limits dramatically, then expect your premiums to increase dramatically.
Adult BMI is determined by multiplying your height in metres and then multiplying by the same figure. Then divide that figure by your weight in kilos.
The resulting figure isn't always a pinpoint indication and the medical establishment do generally acknowledge some shortcomings. For instance, fatness is sometimes overestimated in muscular or athletic people. That said, insurance companies find it a useful tool to estimate a healthy body weight based on how tall a person is.
If you do have any existing health problems, you should not necessarily assume that you are uninsurable. Advances in the treatment of diseases such as diabetes and cancer have led many insurers to lower their premiums for people once considered a much higher risk.
Fully FSA registered brokers are waiting in the wings to help. They will search the whole of the UK life insurance market and then show you a range of products that you can then compare to see if they suit both your weight and your circumstances.
Our brokers deal with a huge range of insurers, so whatever your weight, job, age, gender or circumstances, they will aim to show you policies that suit your particular needs.
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Q: Why should I buy life insurance?
A: When you buy life insurance, it provides a certain level of financial security for those who depend on us after we have passed away. It can ensure that your mortgage repayments are met and your family members maintain their standard of living. Buying life insurance can give you peace of mind.Back to top
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Q: Will my monthly life insurance premiums increase over time?
If you buy term life insurance, then your monthly premiums are guaranteed not to rise. And if you buy combined term life insurance and critical illness cover you will have the option to fix your premiums or have them reviewed by the life insurance provider. This typically happens every three to five years. Reviewable premiums are cheaper than fixed premiums in the short term, but over the longer term they can actually work out more expensive.Back to top
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Q: How much life insurance cover do I need to buy?
It's difficult to put a figure on an individual's life and the circumstances surrounding that life. You may want to take into consideration how much your family would need to pay off such things as the mortgage or any other debts and paying for funeral expenses. You'd also need to consider the possibilty of increased child care costs and the cost of their further education.Many people calculate a multiple of their present annual earnings to help them decide. Sometimes it is just a simple matter of asking yourself how much can you afford to pay every month.
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Q: Can I be sure that my information stays confidential?
A: We take your privacy very seriously indeed, your information will never be passed on to anyone other than the people directly involved with you buying your life insurance. We subscribe to a confidentiality policy which requires us to treat all information held about you in the strictest confidence.Back to top
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Q: What is term life insurance?
A: When you buy a term life insurance policy, it provides straight-forward cheap life insurance cover that pays out a lump sum in the event of your demise or a terminal illness. Term life insurance is similar to all general insurance policies (e.g. buildings insurance, car insurance, etc.) that only pay out on the occurrence of a specific event. You can buy other types of life insurance policy that will provide a payout at the end of the term should the policy not be claimed on, but these can often be much more expensive.Term insurance is the cheapest and simplest type of life insurance. It is known as term insurance because you choose how long (the term) you are covered for. For instance, this could be ten, fifteen or twenty years.
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Q: Do I receive money back from my term life insurance policy?
A: No, term life insurance policies don't acquire a surrender value and therefore have no monetary value on expiry.Back to top
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Q: Should I consider buying joint life insurance?
A: Joint life insurance is available, but you should seriously consider buying two single life insurances as an alternative. With two single life insurances, if both policy holders die together, both of the policies pay out. Only one payout would occur if you just had one joint policy.Having this double life insurance can provide a valuable additional payout to support your surviving family members.
Also, two separate life insurance policies can be more often suited in the case of policies that include critical illness cover. This is because if one policyholder is diagnosed with a illness that is covered, the other policyholder will not want their cover to be lost. This would happen if you had a joint life insurance policy.
So, basically, as a couple, you can take out joint term life insurance in both your names. The policy then pays out if either of you die during the agreed term. One policy provides coverage for both of you.
The amount of cover will be the same for you both. This means the life insurance company pays the same amount if either one of you should die.
However, this is only suitable if the both of you need the same level of insurance cover, and remember, a joint life policy ends immediately following a claim. The survivor would have to apply for a new life insurance policy if they wished to continue their cover.
Interestingly, the cost of buying joint life insurance is often only slightly cheaper, if at all, than two single policies with the same sum assured for each one.
In summary, two single life insurance policies versus joint life insurance: If you take out two separate life insurance policies instead of a joint one, the survivor’s own policy is still active, even though the deceased’s policy has paid a claim. Also, if both of you died, your dependents would get double the pay out.
Additionally, the amount of life cover can be different for each of you. So how do you decide which is best for you? You'll need to find out about both options to make an informed decision.
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Q: What is critical illness cover?
A: Everyone knows that they should buy life insurance to cover their life or mortgage should they die, but suffering a critical illness can also have a devastating impact on your family.Critical illness cover is a long term insurance policy that is designed to pay a lump sum on diagnosis of a varied range of life threatening or seriously incapacitating conditions such as cancer, loss of limbs, heart attack, stroke, multiple sclerosis, blindness and many more. The number and type of conditions can vary between companies and will affect the premium that is paid.
There are a wide range of life insurance companies who offer critical illness cover. The terms and conditions, and which critical illnesses are covered within the policy will vary from company to company.
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Q: Why should I buy critical illness cover?
According to the Daily Telegraph, claims statistics suggest you are 5 times more likely to suffer from a critical illness than you are to die before you reach 65.As medical techniques advance, people are increasingly surviving critical illness. Almost everyone has a friend or family member who's suffered from a major critical illness.
You can use the payout for anything you wish including paying off your mortgage, medical treatment or equipment to make your life easier.
Some providers include children's critical illness cover at no extra cost.
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Q: Should I cancel any existing life insurance plan now?
A: While you are researching and applying for alternative or lower cost life insurance, you should continue paying your existing policy premiums. Once your new insurance plan had been bought and you have received your new policy paperwork, you can then cancel the old one.Back to top
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Q: Can I cancel my life insurance cover at any time?
A: Yes, you can cancel your life insurance policy by providing notice in writing.Back to top
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Q: What is the difference between level term life insurance and decreasing term life cover?
A: When you buy level term life cover, the amount of benefit paid out in the event of a claim is the same as selected at the start of the policy. So basically, it pays out a fixed amount on the death of the level term life policy holder at any time during the life of the policy.Decreasing term life insurance, also known as mortgage protection life insurance, is designed to pay any outstanding balance of a loan.
When you buy decreasing term life insurance, the amount of benefit paid out in the event of a claim reduces on a year-by-year basis. The benefit reduces throughout the term of the policy as the outstanding balance decreases. Because of this, decreasing life cover is usually cheaper than level term life insurance.
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What is level term with critical illness life cover?
A: Level term with critical illness life cover is the same as level term life insurance with the exception that it pays out either on the death of the policy holder or if the policy holder is diagnosed as having one or more critical illness conditions.Back to top
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What is Over 50s life insurance?
A: Over 50s life insurance is a simple way to provide your loved ones with cash when you die. Maybe you are looking to cover outstanding debts or funeral expenses after you pass on? Perhaps you would like to leave a nest egg for your family to make their lives a little easier. Life insurance helps relieve your family's financial burden when you die.Back to top
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Q: How do I pay for my life insurance cover?
A: Payments are made by monthly direct debit.Back to top
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Q: Do I need to have a medical examination before I can buy life insurance?
A: For the majority of cases, it is not required to have a medical. Most life insurance providers ask specific medical questions and, in most cases, they can provide you with an instant decision. There are some circumstances when a medical report from your local GP may be required and, in a minority of cases, you may be required to have a medical examination. This generally depends on your family history, age and general health. Most types of medical examination usually only involve measuring your height and weight, a check up for blood pressure and your pulse.Back to top
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Q: What if my life insurance provider goes out of business?
A: You're protected under the Financial Services Compensation Scheme(FSCS). As Knightwood Financial Solutions Limited is authorised by the Financial Services Authority (FSA) you will have access to the FSCS. Our statutory status can be checked on The Financial Service Authority’s register by visiting the FSA’s website FSA.gov.ukThe FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that the FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. This will most likely be because a company has stopped trading and has insufficient assets to meet claims against it or is insolvent. The FSCS is an independent body and does not charge individual consumers for using their service.
In the first instance, the FSCS will try and get another insurance provider to take over your policy. Failing this, insurance advising and arranging is covered for 100 per cent of the first £2,000 and 90 per cent of the remainder of the claim, without any upper limit.
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Q: Why buy life insurance through us?
Unlike many other life insurance providers, we draw from the whole of the market, not just one particular life insurance provider or range of providers that we happen to be tied to.We have a marked advantage over other life insurance brokers inasmuch as we are able to directly offer you discounted life insurance, critical illness insurance and other policies from leading insurance companies such as Aviva, Aegon, Legal and General, Scottish Widows, Bupa, LV and other big-name insurers. We can directly query their databases.
And our service is free!
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Q: How do I obtain life insurance comparisons?
A: Simply complete the enquiry form below.Check that you won't overpay for your life insurance now...
A qualified and FSA registered broker will help you discover a suitable life insurance policy and compare prices between companies. Please complete the FREE no-obligation, one-step confidential enquiry below. Your privacy is important to us, we do not share your contact details._____________________________________________________________________
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