Compare Life Insurance

It’s easy to compare term assurance deals online, but bargains still require you to shop around.

There are plenty of places to compare life insurance deals online, and for term cover that will probably be all the research you need. But be aware that discounting means even the same policy can be found at different (i.e. cheaper!) rates if you shop around carefully.

Selling strategies have, thank goodness, changed since the 1950’s; when life insurance was sold door-to-door in much the same fashion as mops and buckets. Nowadays, when you set out to compare life insurance products, you have a wealth of resources at your disposal, long before you speak to a salesman. Since you’re here already, begin your search online with services like Moneynet (www.moneynet.co.uk) which will compare life insurance rates for all sorts of personal situations. Read the newspapers too- watch for charts comparing best buys. These are only for “classic” customers (e.g. “35 year old non smoker”- your situation may be different) but they’re still often a good barometer.

Once you’ve got some ideas, it’s time to approach a real person. Don’t call up a life insurer; go to an independent financial adviser, and ask him about discounts. Independence is essential because this ensures you get the right product for your needs, not the product that gets him the best commission. And discounting is a process whereby you get a better deal because the adviser shares some of his commission with you. Because of this, when you go out to compare life insurance between brokers, even the very same policy can be priced differently.