Compare Life Insurance Providers – Introduction
The team at Black Lion Insurance has put together this handy at-a-glance guide to help you compare life insurance providers.
It’s quite high-level in this section – not too much detail, but it will certainly give you the key points you need. We’ve covered things like key policy factors and the things you need to think about when choosing the right insurance policy.
Feel free to read through this page, then delve a bit deeper via the selection drop-down box to learn more about specific life insurance providers.
There are lots of useful life insurance terms explained, too.
Looking after YOU
Have you thought about what your greatest asset is? In our opinion, it’s YOU. Taking out the most suitable cover will support your dependents financially should you suddenly not be around. If you die, no amount of money will assuage your family’s grief. However, you can be comforted by the fact that your loved ones will be looked after from a financial point of view.
The Black Lion Insurance Difference
Here at Black Lion Insurance, we’re all about educating our customers. Ultimately, we want to help busy, hard-working people like you to learn about risk and how best to protect yourself and how best to compare life insurance providers.
So, we don’t sell. We listen, evaluate and then we’ll present you with the information you need to make an informed decision.
Give us a call on 0203 146 2259
Life Insurance Terms Made Easy
Sometimes, when you need to compare life insurance providers, the language associated with these types of financial products can seem rather complicated.
There’s no need to worry. Here’s our back-to-basics, jargon-free explanation of the words you’re likely to hear when considering life cover. Also below is a list of top tips which we’ve put together to make life easier for you.
The sum that you will be entitled to when you claim. With life insurance, this is normally paid as a lump sum to your specified beneficiaries.
The person who is the owner of the life insurance policy. In brief, that’s likely to be you.
The insured person. Again, probably you but it may not be. For example, you may buy a life insurance plan for your partner. But it’s you that pays for it rather than your spouse.
The amount you pay to your insurer for your life insurance. Usually, payments are made by monthly standing order.
In effect, your cover. This is the amount which your insurance provider will pay to your loved ones in the event of your death.
The people (normally your family) who will receive the pay-out.
Linking your cover to the retail pricing index (RPI) to work with inflation. Often, there’s more than one option and you can choose the percentage at which you index your premiums.
The duration for which your policy offers life insurance coverage. Also referred to as policy term or policy tenure. This could be any amount of time from 1 year or whole of life.
The age of the life assured (you or your partner, say) at which your policy ends. So, you may decide this to be when you retire, for example.
The benefit paid to your nominee(s) if you die during the lifetime of your policy.
If you discontinue your plan before its maturity age, the insurer could pay you a lump sum. Not all policies include a surrender value.
Things that are not covered by your insurance policy. Buyer beware! Make sure that you consider and examine these very carefully or your nominees will lose out on payment if you die. For example, suicide is excluded from all life insurance plans.
The Top 10: Compare Life Insurance Providers in the UK
Enjoy 3 Months' FREE cover
Fill in the form on this page with the code BL3MF to qualify for THREE MONTHS’ FREE COVER when you set up your Life Insurance policy with us.
Aegon offers a number of benefits in its life insurance policy at no extra charge, including access to Health Assured, a health and wellbeing helpline; also, an advance payment of £10,000 which can be paid before completion of probate to a funeral director.
AIG has a “Best Doctors” service, enabling its policy holders to access medical advice.
You’ll be able to take out policies on behalf of other people, not just your spouse; also included is family income benefit, which divides your pay out to offer regular, longer-term support to your nominees.
This insurer offers a comprehensive range of additional and optional benefits. It’s worth nothing that terminal illness cover is included at no extra cost.
Additionally, if you buy your policy through a financial adviser such as Black Lion Insurance, you’ll have access free of charge to their Support Plus service, which offers counselling and a doctor’s second opinion.
Terminal illness cover is included automatically. Also, your policy will include Waiver of Premium for free, as well as cover for redundancy and paternity leave.
With Guardian, you’ll have access too Guardian Anytime and Halo, both of which offer medical support and advice.
LEGAL & GENERAL
L&G is one of the UK’s top providers of life insurance. It offers guaranteed or reviewable premiums with unlimited cover.
If you take a joint life policy, Legal & General will allow you to separate them upon divorce or dissolution of a civil partnership.
With LV, you can also take out critical illness cover that includes CI for your children. LV offers a number of additional benefits, including a Health and Wellbeing line, a Doctors service and overseas cover.
Founded in 1861, Royal London consolidated all its brands, including Bright Grey and Scottish Provident.
Royal London’s life cover policies are guaranteed, which means that your premiums won’t increase over time if your cover stays the same. They also offer family income benefit, a premium waiver and additional benefits such as access to legal services to help you write your will.
With a 99.4% pay out rate in 2017, Scottish Widows’ ratio was one of the highest in 2017. The business was founded in 1812 and became part of the Lloyds Banking Group in 2009.
The business has nearly 6 million customers and offers a range of pension and protection products.
Owned by Discovery Holdings and in a joint venture with PruHealth and PruProtect, Vitality is new to the insurance marketplace.
Founded in 2007, Vitality provides incentives and rewards for those in their Vitality Optimiser programme, a fitness and wellbeing package. With engagement, customers could qualify for premium discounts, fitness trackers and cinema tickets.
This insurer offers term life insurance and whole of life insurance.
Zurich is a key player in the world of insurance, with locations in more than 170 countries worldwide. Zurich offers general insurance, life insurance, pensions, savings and investments.
If you meet certain conditions, with their Level Protection Plan you can convert some or all of your Life Insurance to Whole of Life Cover at the end of your policy term.
Top Tips from Black Lion Insurance
- Think about the cover your nominees will need. What is the essential sum to pay the mortgage and to settle everyday living costs, such as a mortgage and bills. Also, consider the likely cost of your funeral. This will lessen the impact of your passing from a financial point of view.
- There are different types of policy coverage options, including Level Term Life, Decreasing Term Life, Family Income Benefit, Whole of Life and Joint Life. You can read more about them via the links.
- Check that you haven’t already got some form of life insurance with your employer in the form of “death in service” benefit. You may not even need additional life insurance. However, be aware that should you leave your job, you won’t be covered.
- You may wish to consider adding critical illness cover which will pay out if you develop a serious illness. Ask Black Lion for our advice on this; we’d recommend an insurer that offers a comprehensive list of illnesses in their definitions.
More Reasons to Secure Expert Advice from Black Lion Insurance
Even from the brief outline of each of the providers above, it’s obvious that there’s a lot to think about. Insurance is our Thing. We provide information and options to our customers every day. In our opinion, we have all the expertise that hard-working people like you will need.
However, if you’re a lawyer, a boat builder or an artist, life insurance is most likely NOT your Thing. Whether you build houses, reduce people’s tax bills, or cut their hair, the very idea of trawling through the pros and cons of every principal insurance provider may seem like a bit of chore.
You’ve surely got other stuff to do and don’t have the time to compare life insurance companies.
But that’s OK.
It’s not always easy or even practical to do a like-for-like insurance provider comparison, so let us do it for you.
Your Go-To Financial Advice Experts for Life Insurance
- Coming to a whole of market team of financial advisers such as Black Lion Insurance will make it easier to compare life insurance providers much, much easier. It goes without saying that we’ll treat you as the sensible human being you obviously are. But we won’t blind you with science. No jargon here.
- Remember, we’re impartial. Totally independent. And, this is regulated advice. We’re fully insured and responsible for any policy we set up for you. If you go direct, you won’t be covered, it’s as simple as that.
- Moreover, there’s no fee for our service unless you decide to take one of the policies that we offer.
- You’ll speak to a dedicated adviser from start to finish. The same person who will email you and follow up. And, we can negotiate on your behalf. We have heft, you know. In other word, good bargaining power with all the providers we deal with.
- Black Lion Insurance offers a supportive, discreet and thorough claims service, too. In this regard, we hope that your loved ones never have to call us. But, should they need to do so, each contact will be handled with the utmost care. Of course, your pay out will be made as quickly as possible.
We’re here to make things easier, not worse.
Why not contact Black Lion Insurance today? Protecting the people you love the most could be the most important thing you ever do.
What our clients are saying
Accident & Sickness Insurance
Get in touch
We are a dedicated team of financial advisers, with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.