There are 3 main sellers of life and critical illness insurance:
Research shows that buying a life insurance policy from a lender or an insurer could cost considerably more than using a qualified adviser. Results showed that if you buy from lenders, directly from an insurance company or potentially price comparison sites, you can be charged far higher premiums for exactly the same policy and cover.
In extreme cases, there can be a difference of many thousands of pounds over the term of the policy, due to a huge “mark up” on the price.
Qualified financial advisers can also offer advice about a range of products and solutions, and can provide the lowest premium solutions if you know the type of policy and sum assured and terms you need.
If you’ve bought life and critical illness cover through a lender or directly, you are not stuck with your existing policy and it is possible for many policyholders to switch to new, more favourably priced contracts if there has been no change in health circumstances in the interim.
This is particularly true if you purchased a policy before 2010, as premium rates have significantly improved since then.
However it is important to consider that you may not qualify for the same cover if for example, your health has deteriorated, you’ve taken up smoking, or other circumstances have changed.
Please do not hesitate to contact MRIB to see if we can offer you an appropriate life assurance and family protection solution, which can potentially offer more appropriate protection, following a complete review of your current policies and your requirements, for a lower overall premium. We would also be pleased to discuss the importance of potentially writing any policy benefits subject to an appropriate trust, to ensure the tax efficiency of your planning. This very important issue may well not have been discussed by any lender or if bought direct.
Tel: 01494 455 616