How do I find the right life insurance company for me?

The insurer which best serves you will depend on your age, health, budget, and lifestyle; everyone’s needs are different, and you want a life insurance policy which meets yours. With the sheer amount of information out there, working out which life insurance companies and policies can do this - within a budget you can afford - can be difficult. But don’t worry: whatever your lifestyle and circumstances, we will guide you through it to ensure you choose the right provider and policy for you.

The top 10 life insurance companies of 2018:

All the research we’ve put into assessing life insurance policy options has given us a keen eye for the best companies in the business. Here are the top 10 life insurers around:

  1. Aviva
  2. Zurich
  3. Legal and General
  4. Vitality
  5. Royal London
  6. SunLife
  7. Liverpool Victoria (LV)
  8. AIG
  9. Tesco Life
  10. Prudential

What are the main differences between life insurance companies?

The principal differences between insurers are usually to be found in the policies they offer. Some will offer only a few specific types of policies, whereas others will have a wide range. Then there will be the level of cover you can get, how much policies cost, and whatever optional extras are offered. Beyond the policies themselves, you should also be aware of the company’s reputation and the quality of their customer service, as you want to make sure that any questions or requests you have will be dealt with easily.

What types of life cover policies can I get from these companies?

Level term

With a level term insurance policy, you’ll agree to a set period of coverage and make monthly fixed payments throughout. If you pass away during this time, your insurer will pay out a lump sum to your loved ones. However, if you survive beyond the term of the policy, you will not receive a pay-out.

Decreasing term

This is very similar to level term policy, except the cash benefit of the policy reduces over time. Your premiums will stay the same throughout the term, but are usually at a lower rate than with a level term policy. These policies are designed to cover debts that are gradually paid off such as mortgages. If you’re a new homeowner, taking out a decreasing term policy ensures that your loved ones won’t be left to pay off the mortgage if the worst were to happen.

Increasing term

Like level and decreasing term, increasing term life insurance provides you with coverage over a set period of time. With this type of policy, the size of the cash benefit increases in value by a set percentage each year (usually about 5%), but your premiums also rise at the same time. This policy is beneficial if you’re looking to offset the rise of inflation, however the rate that your premiums increase is often set at a higher percentage than the benefit.

Whole of life (life assurance)

Whole of life cover – also known as life assurance - provides you with coverage that never expires. Life assurance is guaranteed to pay out a cash lump sum when you die, as long as you keep paying the premiums.

Over 50s

Over 50s policies are designed for people between the ages of 50 and 80/85 – depending on the policy. You’ll pay monthly premiums until around your 90th birthday, and then when the time comes, your loved ones will receive a lump-sum payout. This can help them with any existing loans or funeral costs, giving them financial security while they focus on what’s important. Over 50s policies are really life assurance policies, as they continue until you die and don’t have a set term limit.

Critical Illness cover

Critical illness cover can be taken out in connection to a life cover policy with some life insurers and covers you for serious illness during the term of the policy. Falling seriously ill or sustaining an injury can put you out of work for months, leaving you and your family struggling financially. But if you take out a critical illness cover alongside your insurance policy, you’ll receive a lump sum should you be diagnosed with an illness specified in the policy.

Family Income protection

Family income protection is similar to term life insurance, except pays a monthly sum to your family after your death, rather than one lump sum. This can help replace this income lost, and provide some security, while they get back on their feet.

What makes a good policy?

A good life insurance policy is one that fits around your lifestyle, and provides you with the amount of cover that’s right for you. You’ll also want it to be clear, so you know exactly what you’re paying for and the coverage you have. Don’t be beguiled into spending more than you need to for extra cover. This is what to look for:

  • Affordable premiums
  • A level of cover that suits your needs
  • Good optional extras
  • Good quality company customer service
  • Flexibility

Does a more expensive policy mean a better policy?

A more expensive policy usually means more coverage, but this isn’t always better. Often, taking out more coverage than is necessary will leave you paying expensive premiums for a policy that doesn’t benefit you and your dependents. A better policy would be one which meets your needs accordingly, and allows you the flexibility to make changes if you think your circumstances may change.

How can I use Pure Cover to find the right life insurance company for me?

Which insurance policy best suits you will depend on your age, health, budget, family, and lifestyle. With this in mind, before you begin looking for a policy, consider the following in relation to your own circumstances:

  • What type of policy do you want? There are many different options available, including life assurance and level or decreasing term insurance.
  • How much cover do you need? Remember to consider any dependents, debts, and outstanding mortgages.
  • How long do you need the policy to last? The length of cover can be anything from a few years to your whole life.
  • Who do you want to include on the policy? For couples or business partners, you’ll need to decide if it’s beneficial to get individual cover, or a single joint life cover policy.
  • Do you want additional extras? You can get additional extras such as critical illness cover, or free gifts with some providers.

If you bear these in mind while reading through our in-depth reviews of each company and their policies, you’ll be sure to find the right life cover.

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