Tell me more about online life insurance cover
Life insurance is a very complicated subject and there are all sorts of twists and turns along the road to taking out a policy. In the very broadest of terms, there are two types of life insurance policy, from which most other types derive. These are whole life insurance policies and term life insurance policies. Whole life insurance (or permanent life insurance policies) are policies which will run until you donít or in other words the policy will provide coverage for you up to your death. Therefore the benefits of a whole life insurance policy are assured Ė in fact some companies term whole life insurance as whole life assurance for precisely this reason.
Term life insurance is different in that the policy is set for a fixed number of years (known as the term). This is usually non-extendable, therefore if you donít die within this term you will receive no pay out from the insurance company. You will probably be able to renew your policy at the end of your term but you will effectively be starting from scratch all over again so you will have wasted quite a lot of money. As term life insurance is usually shorter and for a guaranteed fixed period it is a whole lot easier to set up. For this reason it is easier to find term insurance policies online than whole life insurance.
If you are specifically looking for a whole life insurance policy it is highly advisable to deal with an insurance broker and preferably an independent insurance broker at that. They will be able to advise you on which is the best policy for your needs and ensure that you donít make any mistakes in the competition phase. Unfortunately, all too many people make mistakes when taking out whole life insurance and this can cost you thousands of pounds so it is absolutely essential that you get everything right. This is why we advise that you deal with a broker rather than setting the policy up by yourself over the phone.
Most insurance companies these days offer online services and at the very least you should be able to find an online quote for a life insurance policy. In some cases you will only be able to complete the policy over the phone Ė again this is to make sure that no mistakes are made. It is also important that you obtain several quotes in order to ensure that you have found the right policy at the right price. Sometimes the cost of a policy can vary be as much as 50% in comparison to another policy offering the same level of coverage. If you get a high quote from one particular company, give them a call and haggle, but be prepared for a fight Ė you will be dealing with a professional haggler!
Disclaimer: The information contained on this page is not intended, nor should it be construed as providing any form of financial advice or guidance as to which insurance product/policy is right for you. If you are unsure as to which product meets your requirements/needs you should always seek advice from an Insurance Professional.