Compare Life Insurance
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.
This section provides a brief overview without too much detail, but it will certainly give you the key points you may need to consider. We cover important policy factors, useful life insurance terms and considerations when choosing the right insurance policy. However, for detailed advice, please get in touch and speak with one of our professional advisors.
Looking after YOU
Have you considered what your greatest asset is? We believe it’s you. Taking out suitable life cover will support your dependents financially if you are no longer around. While money cannot alleviate your family’s grief, it can at least provide a level of financial security for your loved ones.
The Black Lion Insurance Difference
At Black Lion Insurance, we focus on educating our customers. Our goal is to help busy, hard-working individuals like you understand risk and how to protect yourself by comparing life insurance providers effectively.
We do not sell; we listen, evaluate, and provide you with the information needed to make an informed decision.
Give us a call on 01202 528 800
Life Insurance Terms Made Easy
Sometimes, when you need to compare life insurance providers, the language associated with these types of insurance 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.
Benefit
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.
Policy holder
The person who is the owner of the life insurance policy. In brief, that’s likely to be you.
Life assured
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.
Premium
The amount you pay to your insurer for your life insurance. Usually, payments are made by monthly standing order.
Sum assured
In effect, your cover. This is the amount which your insurance provider will pay to your loved ones in the event of your death.
Nominee
The people (normally your family) who will receive the pay-out.
Indexation
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.
Policy term
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.
Cease age
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.
Death benefit
The benefit paid to your nominee(s) if you die during the lifetime of your policy.
Surrender value
If you discontinue your plan before its maturity age, the insurer could pay you a lump sum. Not all policies include a surrender value.
Exclusions
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.
Compare Top UK Insurers
Leading Life Insurance Providers in the UK
AEGON
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
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.
AVIVA
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 Black Lion Insurance, you’ll have access free of charge to their Support Plus service, which offers counselling and a doctor’s second opinion.
GUARDIAN
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.
LIVERPOOL VICTORIA
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.
ROYAL LONDON
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.
VITALITY
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
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.
Policy Considerations
- 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 can pay out if you develop a serious illness that is covered by the policy. Ask Black Lion for our advice on this; we often find clients prefer critical illness policies which offer a comprehensive list of illnesses in their definitions although these may be more expensive.
More Reasons to Secure Expert Advice from Black Lion Insurance
Even from the brief outline of each of the providers above, it’s clear that there’s a lot to consider. Insurance is our specialty. We provide information and options to our customers every day. We have the expertise that hard-working people like you 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 likely have other responsibilities and may not have the time to compare life insurance companies.
That’s understandable.
It’s not always easy or practical to do a like-for-like insurance provider comparison, so let us do it for you.
Life Insurance from Black Lion
- Coming to an independent insurance consultancy like Black Lion Insurance will make it easier to compare life insurance providers. Our qualified consultants can provide clear, jargon-free information.
- Remember, we’re impartial and independent. Our service is regulated and we are responsible for any policy we help set up for you. For professional advice, you need to consult with a regulated organisation with access to multiple insurers. If you go direct to an insurer, it is unlikely that they will be able to provide you with independent advice, especially if they only have knowledge of their own products.
- 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 are here to make things easier, not more difficult.
Why not contact Black Lion Insurance today? Protecting the people you love the most could be the most important thing you ever do.
About Us
Black Lion Insurance is a dedicated team of insurance consultants 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 income protection, keyman and shareholder protection insurance.
