Life Assurance Comparison UK
A life policy is as much about you and your attitudes to risk in the long-term as it is about different policy offerings.
To make any sort of life assurance comparison UK buyers need to examine a host of policy features. These include the policy’s fund constituents, their riskiness, their past performance, and your own assessment of your commitment to long-term investment products.
Nothing in life is black and white, and when trying to make a life assurance comparison UK buyers have rather a lot to look out for. Here are just a few pointers.
With term life policies, ask whether the premiums are guaranteed or reviewable. Reviewable premiums mean that, usually every five years, the insurer can raise or lower your premiums. This may mean a lower rate today; but a higher rate later in the term. See also in the small print if terminal illness cover is included. Many term policies will pay out on a small range of terminal illnesses; usually until the last year of the policy. Other benefits can include anything from the dreaded “free gift” to Marks and Spencer vouchers: kindly be smart enough to be tempted by real benefits, not knick-nacks. If you’re buying critical illness cover too, be sure to check the list of accepted illnesses- these do vary from insurer to insurer.
For a whole-of-life assurance comparison UK consumers have an even tougher job, and you simply must consult an independent financial adviser. They will discuss with you certain key issues including:
-The past performance of the funds into which you are investing
-The nature of the bonuses you should receive from the company, and whether these are standard, guaranteed, or reversionary
-Your attitude to risk
-The breadth of funds each company offers you, and which you are entitled to invest in
-Other investment options, which your tax or pension situation might present as alternatives
-How long-termism can help you survive stockmarket jitters.