Cheap Life Insurance UK
Why term life cover is generally the cheapest on the market.
For cheap life insurance UK buyers need look no further than term life packages- they’re fairly simple, keenly-priced, and there’s plenty of competition for your business. But one caveat: it’s not often best to buy on price alone- most buyers are hopelessly underinsured.
If you’re just looking for cheap life insurance UK providers have plenty to offer- especially in the term assurance marketplace which is currently oversubscribed and therefore good value. But to get the cheapest deal which matches your needs, you need to delve quite deeply into what are occasionally quite esoteric products. Here’s just one example.
If you have an interest-only mortgage, and you are obliged to protect the mortgage value in the event of your death, a very cheap way to do it is by using a low-cost endowment policy. This combines a with-profits endowment policy (which will be used to pay off the mortgage at the point of maturity, and these days is likely to be unitised) and a low cost decreasing term assurance policy; which tops up the value of the endowment to pay off the house in the event of your death before the policy matures. The point is, yes it sounds complicated, yes it is complicated, but it is likely to be the cheapest solution to your needs.
For cheap life insurance UK buyers need to understand first what they’re trying to achieve (in the illustration above, mortgage protection) and secondly the breadth of sneaky ways to achieve it at low cost.
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