compare life insurance

When you are looking to compare life insurance there is one key factor you need to consider:

It's not all about price.

There I've said it.

So you've found the life insurance comparison websites and you've got your quotes and you're ready to go. Well before you press submit I want to leave you with a thought...

Have you discussed with anyone what your needs are, what type of life insurance is most suitable for you , and finally how you want your insurance paid out should the unfortunate happen.

Price comparison sites which let you compare life insurance and supermarket giants often sell life insurance on an 'execution only basis' which means you are giving up your right to redress from the Financial Ombudsman Scheme if things go wrong.

This is where it is vital you get correct advice from a properly qualified insurance broker.

When you start to compare life insurance, you will find there are many types of life insurance products and it can often get confusing. Your choice will depend on your own particular situation, but there are a number of ways you can choose to have life cover paid. For example:

·         A level lump sum

·         An increasing lump sum

·         A decreasing lump sum

·         A level monthly income

·            An increasing monthly income

There are also different ways you can setup the policies before you can even compare life insurance. For example:

Single life can cover

•        Just yourself

•        Just your partner

•        Both you and your partner (with two potential payouts)

Joint life covers

•        Both you and your partner (with one potential payout)

Finally there are a number of different ways you can choose to receive payment. The most common For example:

·         Paid to your estate

·         Paid into a trust – where you beneficiary is your partner

·         Paid into a trust – where you beneficiary is your business partner

The benefits of using a trust.

Placing your life insurance policy in trust can be very important. It often means you can get the proceeds of your policy to the right person at the right time.

Trusts are also very easy to arrange and Resident Broker does not charge for setting them up on behalf of our customers.

For the vast majority of situations, the most sensible thing is to put your life insurance policy in trust.

A trust allows you and others to control what happens to the money after your death. At the outset, you decide who is to benefit and in what proportion.

So the two main benefits of a trust?

1.      The money goes straight to the trust and is available to your beneficiaries, without reference to your will or the taxman. A Trust can also help with Inheritance Tax planning.

2.      It speeds up the process of getting the money to your beneficiaries by, on average, six months. This is absolutely critical.

So to compare life insurance immediately, just give us a call on 01424 205 373 and we will provide you with free, no obligation advice.