Life assurance company
You can’t judge a book by its cover. Or an insurance company by its brand name.
The only person truly qualified to recommend you a life assurance company is an independent financial adviser- the big names in life cover are rapidly consolidating and market changes mean that even a big name doesn’t necessarily offer a lifetime of security.
Are you looking for a life assurance company? Here are some key facts. The UK insurance industry is the largest in Europe, the third largest in the world- so we’re a well-protected nation. Insurance contributions also account for 20% of all investment in the stockmarket- so your pound has the power to move markets!
The top-ten long-term insurance companies (note that this includes pensions as well as life policies) account for around 68% of all such business. Those companies are: Barclays, Standard Life, Norwich Union, Prudential (inc. Scottish Amicable and M&G), Halifax (inc. Clerical Medical), Scottish Widows, Legal & General, ALICO,
Zurich Financial Services (inc. Eagle Star, Allied Dunbar and Sterling) and AXA. [Source: Association of British Insurers]. Now, some of these are skewed because the majority of their business is corporate pension funds, but if you’re looking for a major life assurance company, you could do worse than start with these.
There has been a trend in the past five years for consolidation in the financial services industry, which is why in the list above so many names you may recognise appear under other names. This is likely to continue. Demutualisation is another trend to watch out for- Standard Life is believed to be on the brink of becoming a publicly quoted company and sacrificing its mutuality. But above all, the only person qualified to direct you in your search for the right life assurance company is an independent financial adviser.
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