This article was first written during the 2023 cost-of-living period. Its old inflation figures and example savings are not current quotes. These five checks remain useful when comparing life cover today.
1. Compare the same protection
Look at cover amount, term, policy type, exclusions and optional features, not premium alone. Different insurers may assess the same application differently. An adviser can discuss options available through the current panel, subject to eligibility and underwriting.
2. Set a realistic amount and term
Think about people who rely on you, debts, household spending, savings and existing cover. Too little cover can leave a gap; reducing cover simply to lower cost may be unsuitable. The Life Insurance Planning Guide helps you prepare questions but does not calculate a recommended amount.
3. Compare joint and separate policies
Joint-life cover commonly pays on the first covered death and then ends; separate policies can leave continuing cover for each person. Compare the total cost, claim conditions and what remains after a claim before choosing.
4. Understand the policy type
Level-term, decreasing-term, family income benefit and whole-of-life policies serve different needs. The premium may differ because the benefit and claim conditions differ. Ask an adviser to explain exclusions and whether the cover matches your purpose.
5. Ask about advice and remuneration
Ask how the adviser is paid, whether fees apply and why a recommendation suits your needs. No commission arrangement by itself guarantees a lower premium. A quote and final terms depend on the insurer’s assessment.
See MoneyHelper’s life insurance overview for independent background. If you want to discuss your circumstances, start a protection enquiry. This begins adviser follow-up, not an instant online quote or purchase.
