What is the Best Method to Compare Life Insurance Quotes 2023?

meter showing a dial pointing to insurance, while on either side of insurance is the word risk.

Organizing life insurance is a topic some of us try to avoid. No one likes to think about leaving loved ones behind, but it is, in fact, vital to organize protection for when the day does come, especially if you have dependents who rely on you.

Regardless of your personal circumstances, there will likely be a policy suited to you and your specific needs. By comparing quotes, you will be able to find one and at an affordable price.

There are many ways to compare quotes when looking for your perfect policy. Below, we explore the advantages and disadvantages of the different methods so you can decide what is most suitable for you:

Use a life insurance broker

Seen as the easiest and most effortless method. A brokerage is a firm with highly trained individuals who work with you to help you navigate policy offerings from a panel of insurers and help you decide which option is right for you.

Not only will you have a professional to assist with the trickier parts of applying for a policy (the application form and comparing insurers etc) but they can provide all the information needed to make an informed decision when you find yourself asking ‘how much cover should I get?’.

Using a broker is a great option if your circumstances are complex and you are looking to cover something specific, that may not be as straightforward to organize by yourself.

On the other hand, when using a broker, you are limited to when you can speak with them. If you have unusual work hours, you’d only be able to have phone calls within certain times of the day which may not be suitable for your schedule. However, Reassured (the UK’s largest life insurance comparison broker) now offers both a buy-online and an over-the-phone service.

You must also be careful with what brokerage you use, making sure you select a legitimate company is very important as they may pose as specialists but not fully act in your best interests.

Reading online reviews about companies, through the likes of Trustpilot, Feefo and Fairer Finance, is a great way to establish how reputable an organization is. It is also a must to always go with a regulated broker.

Use a comparison website

Comparison sites are webpages that you give your basic information to (about yourself and what you are looking for) and then you’ll be offered quotes for the type of policy that matches what you have requested, similar to when you compare car insurance online.

Using a website can be a fast, efficient way to view life insurance prices quickly. The power of looking online means you can compare quotes/source cover anytime and anywhere. If you know exactly what you are looking for it can be a fuss-free process.

However, if you have a complex circumstance that may not be as easy to declare online then, you may struggle to do it yourself (for example having a medical condition or being in a high-risk occupation).

A key thing to remember is to make sure all your information is filled out correctly and honestly or your loved ones could miss out on a future pay out when the time comes.

Some online life insurance comparison sites charge a commission which is often hidden in the prices you’re quoted.

Run the research independently (direct with the insurer)

The other methods outlined in this article allow you to explore multiple insurers’ policies at once, whereas going directly through a singular insurer means you will only see the policies they offer.

Similar to a broker, an agent will guide you through the process, taking your needs into account. They’ll then offer you the policies that are available from that specific insurer.

As mentioned previously, whilst you can explore all the policies they have to offer and the cheapest prices from their company, you are then limited in options. You will not be able to see what other insurers have to offer, resulting in having to repeat this process multiple times if you wanted to get quotes from a range of insurers – which could be very time-consuming.

One key advantage of going direct to a life insurance provider is that you will be eligible for their free welcome gift. For example, Legal & General is currently offering new customers a £100 Amazon or M&S gift card.

Comparing quotes

Whichever method you find works best for you it is vital to compare quotes to find the most affordable and suitable policy for you. By not doing so you could be spending substantially more unnecessarily.

A term policy could last up to 40 years and so even a small saving each month could equate to a significant sum over the lifetime of the policy.

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Brenda Coles
I'm an elementary school teacher who became a stay-at-home mother when my first child was born. I love to write about lifestyle, education, and news-related topics.