Compare Life Insurance Companies

Purchasing Life Insurance is an important decision and making sure you have the best policy for you is vital. This page covers more about what Life Insurance is, how to compare companies and the best way to find the perfect policy for you.


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What Is Life Insurance?

Life Insurance offers peace of mind that if you aren’t there to provide for your dependants, that they will be taken care of financially. It is a policy whereby the policyholder agrees to pay regular premiums and the insurer agrees to pay a predetermined lump sum, or ongoing payments, to the chosen beneficiaries in the event of the policyholder’s death. The amount they receive depends on the level of cover you decide on and can be directed to cover specific things, such as the mortgage.

Who Needs Life Insurance?

Life Insurance is designed to offer the reassurance that your loved ones will be provided for, if you’re not there to provide for them. Therefore, it is important for anyone who has individuals who rely on them financially, for example parents, homeowners and business owners. The payout for Life Insurance can be used to pay off the mortgage and any other debts, replace your income for anyone who relies on it and even provide funding for your children’s higher education.

Things To Compare

Not all policies are the same and requirements will be different for everyone. There are some key choices to make when taking out a policy of the type of cover you require. Some companies will suit different requirements better than others. The main things to consider when comparing companies are:

How much cover you require. This is the amount of money that will be paid as a benefit in the event of your death. Some companies will have a maximum benefit, others are unlimited. The larger the benefit you require, the more expensive the premiums will be.

If the policy pays out for terminal illness. Life Insurance pays out on the event of the policyholder’s death, but many companies will pay the benefit earlier, in the event of a terminal illness diagnosis, where the policyholder is not expected to live longer than one year.

If you would like to add Critical Illness Cover. Whilst Life Insurance pays out on the event of death, a Critical Illness policy would pay out on the diagnosis of a critical illness listed on the policy, without it needing to be terminal. Critical Illness policies are in addition, but can be added on to a Life Insurance policy.

The type of cover available. There are different types of Life Insurance available and when comparing policies it is important to make sure you are comparing like with like. Types of Life Insurance policy include; Level Term Insurance, Decreasing Term Life Insurance, Whole of Life Insurance as well as Family Income Benefit.

A joint or individual policy. Some Life Insurance companies will allow you to have a Joint Life Insurance policy between a couple. Usually this will pay out on the first death and would only pay out once.

Type of Premium Life Insurance companies also have different options around premiums and it’s important to consider when comparing policies. Some will offer guaranteed premiums that will not change throughout the policy. Premiums can also be reviewable or index-linked.

Extra Benefits Some insurance companies will offer additional benefits at no additional cost and some will offer benefits you can add on and pay extra for. These should be considered when comparing policies. For example:

  • Life change benefit
  • Separation benefit
  • House purchase cover
  • Fracture cover
  • Total permanent disability cover

Factors Affecting Premiums

The choices you make about the type of policy and the level of cover will affect premiums and should be compared between companies, but there are other key factors which affect the price of your premiums, which you cannot change. These effect these have can vary between insurance companies though and it is a good idea to compare them.

Your Age The older you are, the more expensive the premiums will be as you are statistically more likely to pass away.

Your Medical History If you have a pre-existing condition, you may find your premiums are higher. The impact different conditions may have on premiums can vary between company, so it is important to compare this.

Your Lifestyle Smoking for example can impact your premiums with some companies, but not affect it with others, so should be considered when comparing policies.

Your Occupation If you have a dangerous job, you may find that premiums will be higher. Again this can vary so should be compared between companies.

Help Comparing Policies

Life Insurance can be confusing and the options a little overwhelming. Our unparalleled team of friendly, expert advisers are on the end of the phone, ready to guide you easily through the whole process. They will get to know your unique individual requirements, do all the hard work comparing prices and policies for you; then advise on the best and most cost-effective quote.


Why Compare Health & Life Insurance with us?

Here at Usay Compare, we can help you to compare prices and cover from the market leading UK health and life insurance companies such as Aviva, AXA and Bupa. Our service is completely free of charge and we are totally independent and impartial.

Our team of friendly, expert advisers are on the end of the phone, ready to guide you easily through the whole process. They will get to know your unique individual requirements, do all the hard work comparing prices and policies for you; then advise on the best and most cost-effective quote.

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Life Insurance Guides

Below are our in-depth guides to help you decipher the various Health Insurances available and learn more about how they work. Don't forget our advisers are always at the end of the phone to offer free, expert advice should you prefer to speak to someone in person.

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