What are you paying for your life insurance and who is it with?

What do you pay for your life insurance and who is good to go with?

If I had a pound for every time I have seen this question on Facebook since Christmas I could probably take next month off work!! Most of these threads I will jump on and give my professional view as an independent financial adviser, which I will go into a little while. Firstly, I just wanted to make a quick observation that ‘Dave’ down the pub who knows everything about financial advice, accountancy, marketing, banking etc seems to have moved his stomping ground to Facebook groups. So I would like to make a quick plea to anyone who sees ‘Dave’ (not always his/her real name) to ask what qualifies them to be so certain in their answer and if it is fact or opinion.

So what is my opinion?

It is very simple, there is no one life insurance company or product that suits everyone and what your neighbour, colleague or Facebook friend pays has no relevance to your premium at all!

I can almost see some confused faces after reading that as surely all life insurance is life insurance? No, it isn’t life insurance in 2019 is as varied as the options when you choose your shampoo at the supermarket! When you apply for life insurance different providers specialise in different types of people for example, Aviva may be more competitive than Aegon if you are aged between 40-50, if you are a gym goer who loves exercise with a short-term need for life insurance Vitality may be more suitable.

Also, all life insurance premiums take into account your health, lifestyle, family history and other working factors e.g. working a height, so if you have had previous bad health this may increase your premium.

If you add into the mix critical illness you are looking at a whole different kettle of fish as different insurers cover different illnesses and different levels of severity. Income protection (technically not life insurance) often gets confused with critical illness they are totally different products and income protection can be one of the most technically challenging to get the correct mix of options for a client.

My advice has been and always will be if you’re looking for life insurance, critical illness cover, income protection, private medical, or any other financial advice then speak to an independent financial adviser. We often do not charge for a first meeting (can be over the phone or in person) and for insurances personally I do not charge a fee as I am paid by the insurance company.

Thanks for reading and please don’t keep me or this blog a secret share it with those who are looking for financial advice.

Katherine Rowell

07907043206