Where do I buy life insurance? Your 5-point guide to finding the right provider for you

Life insurance, Critical Illness cover, and income protection can provide valuable peace of mind and financial security if the worst happens. So, if you’ve realised that it’s time to put the right cover in place, your next question is likely to be: where do I buy life insurance?

From your local building society to big insurers, you’re spoilt for choice when it comes to buying insurance. But, just like you would with your car insurance or mortgage, it’s really important that you don’t just accept the first quote you receive. Do your homework when it comes to choosing the right provider.

To help you, here’s a five-point guide to finding the right life insurance expert for you. Whoever you choose should be able to tick these five boxes.

 

1.They are independent and can access a wide range of insurers

Many high street banks and building societies are tied to one or a limited range of insurers. This means that they can only offer you a limited choice of life insurance products, either through their own provider or a small panel.

Of course, this means that:

• You won’t necessarily get the best price
• The policy might not be exactly what you’re looking for
• The insurer might simply reject your application.

The same could apply if you speak to an insurer directly. Again, they will offer you a limited choice of products at the price they charge. How would you know if you could get cheaper, better cover elsewhere?

An independent provider has access to a wide range of insurers. This means they can shop around from dozens of different policies and providers to find the right cover for you.

For example, I’m Insured work with dozens of the UK’s leading life insurers, including household names such as Legal & General, Aviva, and Royal London as well as specialist providers that can often offer great quality cover.

Speaking to an independent expert can give you a much wider choice of options.

 

2.They can offer you a great price for the cover you need

Another problem with speaking to a bank, building society or insurer directly is that they will provide you with a quote for their specific cover. Again, without shopping around, how do you know whether this is a competitive price?

So, just as you’d head online and shop around for the best deal on a TV or phone, or compare the costs of electricity or home insurance, it’s important to compare the cost of life insurance also.

We’ll search dozens of the UK’s leading insurers to provide you with the most competitive price for the cover you need. It’s a great way to ensure you’re not paying too much for your cover, and you could save hundreds or even thousands of pounds over the term of your life insurance policy.

Another advantage of using an independent expert is that they can often offer even greater savings. For example, at I’m Insured we take a lower rate of commission from a provider than the standard. This means we can pass this saving onto you, resulting in even lower premiums.

 

3.They are experts

When it comes to life insurance, Critical Illness cover, and income protection you’re faced with a wide range of choices. 

Even if you want a simple life insurance policy, you’ll face choices such as:

• Level term insurance
• Decreasing term insurance
• Family income benefit
• Whole of life insurance.

And, while most Critical Illness insurance covers the same core conditions, there are differences from insurer to insurer about what is covered, and the severity of your diagnosis before a policy will pay out.

All this means that working with an expert is essential. A life insurance professional can help you to establish which is the right type of cover for you. You can be sure you’ve taken out the right cover that will do what you what you want it to. You can also be confident you’re not paying for cover you don’t need.

Here’s a good example of how working with an expert such as I’m Insured can add value.

When you take out life insurance, it’s often a good idea to place your policy in trust. This means that the payout will go directly to the people you want it to, quickly. It also helps mitigate any Inheritance Tax that might be due on your estate.

There are lots of benefits to putting your life insurance in trust – and an expert can help you with this.

If you don’t put your policy in trust, it can delay the payout at a time when your loved ones might really need the financial support.

As part of our service, we’ll help you to place your life insurance in trust should you want to. It may seem like a little thing, but it’s the added value you’ll get from working with an expert.

 

4.They offer excellent service

According to the Competition and Markets Authority, more than three quarters of people are influenced by reviews when they shop online.

If you’re thinking of buying life insurance, heading online to do a search might be one of the first steps you can take. So, choosing a provider who can boast excellent service, evidenced by five-star customer reviews, can be a good way of establishing which providers you can trust.

Look for testimonials from other customers, or reviews through an independent platform such as Feefo or TrustPilot.

Our customers really appreciate the service they receive, as evidenced by our 5-star rating on Feefo. Here’s a sample of the things our customers say about I’m Insured:

“Would 100% recommend. Excellent service, very informative, great advice, great communication.”

“Had a good experience, they took the time and made sure the policy I had was right for me and my family. Would recommend.”

“Super easy to deal with, didn't feel like I was pressured or 'sold' to at any time. Will definitely recommend.”

 

5.They offer a wide range of choices, including specialist options

If you ask your bank, building society or a specific provider for details of their protection options, you’re likely to be faced with a limited choice of choices.

And, as they will underwrite all applications in the same way, they may reject your application if you have pre-existing medical conditions.

Working with an independent expert means you have access to a wide choice of protection products. Crucially, it also means that you’re likely to find an insurer who is happy to consider an application based on your specific circumstances.

We’re experts at helping customers with pre-existing medical conditions. We work closely with dozens of the UK’s leading insurers, and so we know which providers are likely to agree the cover you need. It means you don’t have to apply multiple times or have the hassle of calling every single provider to establish whether they can help you.

Working with a specialist can save you time, hassle, and money. So, if you’ve experienced physical or mental health issues in the past, it can pay to speak to an expert with experience helping customers like you.

 

Get in touch

As independent life insurance experts we can help you get the right cover at the right price – whatever your circumstances. 

With five-star reviews, experts on hand to help, and access to dozens of insurers and products, we’re ideally placed to help you. Contact us today to find out more or get a life insurance quote online now.