Life insurance, which is the best for individual person

[bruce24]

Hi guys,
I am not sure if this is a proper forum to ask that question, but I don't know any other than this.

I am trying to get insured for life, death cover, etc.
Before I being insured with Barclays, but i don't understand at all these insurance policies and how are they different.
Which insurance company you reckon is the best. Is there any place I can get any knowledge of basic insurance?
Bruce

 

[Mr D]

The best?
One that pays you out before you die...

Second best would be one that does not cost too much and pays your beneficiary the highest sum you can get for that premium.

Just read through policies carefully. Insurance companies are quite willing to take your money, paying out not so much.

 

[bruce24]

Thanks Mr D, which one your using? I am looking for opinion of people that knows the topic, and also I don't have time to read throught all the policies. I need to get insured quickly, since I am not insured. I would like something that pays off my family in the case of my death. As I metioned, I used to be insured by barclays before, but that expired allready. I am looking for something that big companies give you a life insurance in their benefits. Like amazonI know that they have a lot of good benefits like covering the university costs, giving you a company shares in stockmarket, and also good private life insurance, covering the costs of funeral etc. That is what I wanted to ask, what is the best private life insurance I could get?
Thanks Bruce

 

[Mr D]

Thanks Mr D, which one your using? I am looking for opinion of people that knows the topic, and also I don't have time to read throught all the policies. I need to get insured quickly, since I am not insured. I would like something that pays off my family in the case of my death. As I metioned, I used to be insured by barclays before, but that expired allready. I am looking for something that big companies give you a life insurance in their benefits. Like amazonI know that they have a lot of good benefits like covering the university costs, giving you a company shares in stockmarket, and also good private life insurance, covering the costs of funeral etc. That is what I wanted to ask, what is the best private life insurance I could get?
Thanks Bruce

I don't personally - I would be paying for no payout, exclusion my wife could not overcome.
So I usually use my employers life insurance, percentage of my gross salary multiplied if certain situations apply, exceptions not applying.

 

[tony84]

There are 2 types of life insurance now a days - normal life insurance pays out if you die, in that instance there is no reason not to go with the cheapest (assuming they offer the same terms after underwriting).

However, a lot of life offices now offer little extras and it is here where you may decide paying a little more is worthwhile.
Aviva/AIG offers a service called "Best Doctors" where if you have a medical condition you can send off your reports for a second opinion on diagnosis and treatment. Your GP will usually only tell you about what is available on the NHS. It can be anything from a bad knee to cancer.

LV offer something similar.

Vitality offer discounts to gyms or a free iphone watch thing or something.

Then you can also get extra benefits. Mine is with Aviva and I get 10% off my car insurance premiums.

With the Aviva best Doctors you can also pay a £4 a month (per person) top up and get access to Best Doctors global treatment where they will send you to the best doctors at the best hospitals anywhere in the world for treatment on a couple of conditions.

Have you spoken to a Mortgage/Financial advisor? I am not plugging ourselves here I have decided to go singled tied with Aviva due to the extras they include so we are probably not best placed to help... unless you want an aviva policy.

For me Global Treatment is such an easy sell. When we had our little girl she was in and out of hospital for her first 6 months, having Best Doctors (so we could send off her medical reports) was worth 100 times the £4 a month it costs for the extra.

 

[MBE2017]

For a payout on death term insurance is a simple one to understand, you get nothing, but the beneficiaries, such as your family get a payout on your death, usually for a fixed amount.

They are simple to compare since price is the only variable.

Talk to a broker, explain your requirements and see what they suggest.

 

[Mark T Jones]

Go to a broker - they will guide you through this stuff.

 

[Andy J Walls]

Mark is right, specifically a 'whole of market' broker that is registered with the FCA to give advice on these product. A 10 minute chat with a reputable advisor should be enough to narrow down your options.