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UK Life Insurance Information

Guide ___________________Quotes

Like many personal finance "products" there are different names for what are essentially the same thing.

The following list refers to the most common terms for personal insurance.

Click on the links to access the guide to each subject.

Life Insurance

Critical Illness Insurance

Long Term Income Protection

Mortgage Payment Protection Insurance
AKA Accident, Sickness and Unemployment

Mortgage / Life Protection

Top Tips

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Tips on Buying Insurance


Only buy cover you need

Shop Around

Make sure it covers you

Beware insurance 'tie ins'





Only buy the cover you need

The first rule with any insurance of any type is only buy what you really need. Don't get too much.

 

For example a single person with no dependents does not need life insurance  but should perhaps consider Long Term Income Protection

 

However definitely don't get too little insurance cover. The whole point is to give you peace of mind that in the event of something unforseen happening everything nearest and dearest to you will be taken care of.

 

Don't leave it to chance.

 

 

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Always Shop around

The cost savings and quality of insurance policies vary greatly.

You'll find differences of 150 a year on mortgage protection insurance.

(That's 3,750 over a 25 year mortgage).

You'll find differences of 66 a year on Buildings and Contents Insurance.

(That's 1,650 over a 25 year mortgage).

You'll find differences of 400 a year on Life insurance policies

(That's 12,000 over a 25 year mortgage).

If these sums were put into your a pension fund instead, they could be doubled.

 

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Make sure your insurance policy actually covers you

Bear in mind that just because an insurance company has sold you a policy it doesn't mean you're eligible to claim on it.

 

Read the small print on the documents you're sent.

 

Take advice from another broker or IFA.

 

As a slightly extreme though perhaps appropriate measure you could ask your insurer to get them to confirm in writing that your particular circumstances are covered.

 

(You need it in writing because, when push comes to shove, you'll have a hard time proving they ever said anything).



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