Tips For Comparing Life Insurance Policies

If you’re new to buying life insurance, you could find it a tad overwhelming at times. When there are so many life insurance policies out there, how can you know which one is right for you?

Getting it right is important to you because it’s about protecting the ones you love most. If a policy falls short, it’s your loved ones who are left vulnerable. And that’s why it might come as a relief when we tell you that buying life insurance doesn’t have to be complicated. By comparing life insurance, you can make sure you’ve found the right policy, at the right price. We’re here to reassure you that it’s possible to secure the right level of protection at a cost you’re comfortable with.

You could make big savings on your life insurance by taking the time to compare policies. In saying that, cheaper doesn’t always mean better when it comes to buying life insurance. It’s best to be savvy about the policy details too, and that’s why we make it easy to compare prices and cover details.

But what are some things you should think about when comparing policies? 

What are your reasons for taking out life insurance?

Before you begin comparing policies, ask yourself why you need life insurance. This will help you to narrow down the type of policy you need. Do you want to financially support your family after you die? Would you like to put some protection in place while you’re repaying your mortgage? Do you want to contribute toward the cost of your funeral? Your life insurance needs can help determine which policy type is right for you.

Now, let’s look at some common scenarios where someone might have a need for life insurance:

New homeowners - your life insurance payout could help your partner or family keep up with outstanding mortgage or loan repayments if you die. A decreasing term life insurance policy that lasts until your mortgage is paid off might be worth looking into.

Young families - whether you’re starting a family or you already have kids, a life insurance payout could help you to provide for them, even after they can no longer rely on your paycheck. You could consider a term policy that lasts until your children are old enough to take care of themselves.

Leaving something behind for your family - if you would like to leave a cash gift to your loved ones after you die, a guaranteed policy that lasts for your whole life could be worth considering under these circumstances. If you’re over the age of 50, an Over 50s policy could be a good choice.

Covering funeral costs - if you want to leave enough money to help pay for funeral costs or end of life expenses, you could consider a whole-of-life policy. Again, an Over 50s Life Insurance policy could be suitable under these circumstances.

By understanding your reasons for taking out cover, you should find it easier to identify which policies are suitable for the needs of you and your loved ones.

Comparing quotes

We’ll help you to quickly and easily compare quotes in one simple place, so you can find the right cover for your family and even save money. Life insurance is a long term financial commitment which is why it’s crucial that you find a rate of premiums that you can realistically afford.

For many, the cost of premiums is a deciding factor when buying life insurance. Your budget and the price of the policy over time is important because you have to make sure you can keep up with the premiums. Decide on a realistic price range that won’t leave you out of pocket.

What size benefit amount do you need?

Age is a big factor when it comes to determining life insurance premiums and so, there are often restrictions on the benefit amount you can choose based on your age. Check out what rates are available for someone in your age bracket.

If you’re aged 50+ you may find premiums are more expensive for term policies, so Over 50s Life Insurance could be a more affordable way for you to secure protection. Over 50s life insurance is guaranteed for any UK resident aged 50 to 80, regardless of your health or any existing medical conditions you may have.

Which policies offer flexibility?

If you need flexibility, you should consider whether or not you can make changes to your policy. Can you add more cover by getting a bigger benefit amount? Are there optional extras (i.e. insurance riders) that you can add to your policy? Is it possible to decrease cover if you find you’re unable to keep up with premiums because of a change in personal circumstances or you no longer need as much protection?

Life is unpredictable and circumstances can always change down the line. If you’re a young family, you’re in the very early days of your career or you’re taking out your first big loan, you may want a policy that allows you to make adjustments when the time comes.

Does the policy offer Critical Illness Cover?

Critical Illness cover is an optional add-on for many life insurance policies. It’s a means of protecting yourself in the case that you become critically ill from a number of diseases. Generally, it will pay out the Critical Illness benefit amount to you while you’re still alive and if you die within the policy term, your loved ones will still be entitled to the full life insurance benefit amount.

The benefit amount is payable once i.e. following the first event (critical illness diagnosis or death). Once the policy has paid out for either event, your cover will end. If you do not make a critical illness claim during your policy term, your loved ones will still be entitled to the full benefit amount should you pass away during the policy term.

Is the provider reliable?

Finding a reliable, trustworthy provider is important because you want to know that your insurer has your best interests at heart. By comparing life insurance policies with Choozi, you can guarantee you’re getting results from leading life insurance providers in the UK. We only provide quotes from established insurers. We’re all about helping you make better life insurance choices for your loved ones. 

Can you get joint cover?

If you have a partner or spouse, you may want to take out a joint or a dual policy. If this is the case, you should check that the policies you’re comparing offer this option.

Are there free optional extras available?

Some insurers offer free optional extras. This might be free children’s cover or accidental death cover for instance. Some providers offer freebies like free Will Kits, vouchers, gift cards and so on.

If you’re switching providers, is the new deal better?

When we change life insurance providers, unless the policy is coming to the end of its term, we are likely losing premiums we’ve paid into the policy. That being said, changing life insurance providers could save you a considerable amount of money over the years. You need to work out the sums and make sure you’re getting a better deal. Use our handy Life Insurance Calculator to work out how much insurance you need. Our comparison tool will help determine how much it will cost you.

How to get the right Life Insurance deal for you

Now that you know what to look for when comparing life insurance policies, why not get started with Choozi? All you have to do is fill out one form and you’re ready to compare life insurance deals from the leading UK providers.


Compare, choose and buy life insurance with Choozi