Lately we have noticed that banks seem to be charging excessive premiums for life insurance. The amount that banks are charging could be a couple of pounds more, or sometimes can even be over £10 or £15 more than what is available on the market. If you were to take out a policy for say, 25 years and were paying an extra £15 per month, that’s an extra £4,500 that you are giving to your bank (and I think we have all given them enough of our money already!)
Kieron Bassett Financial Services have set a challenge. We will aim to beat the premium on any like-for-like life cover quotation that you have been given by your bank in 2010, which you have taken up or are about to take up, or we will give you £100. Even if you haven’t taken out life cover this year, it is still worth coming to us to see if we can find you a cheaper policy than the one you have already, because we hope to be able to save you money on those too.
It is a good idea to review you life cover arrangements from time to time anyway, even if it is not just to save money. Maybe you took out a decreasing term assurance policy for a mortgage that you paid off years ago and the cover is no longer suitable, or maybe you have borrowed more money on your mortgage, or increased the term of your mortgage and you need to increase the cover you already have.
Another reason why it is a good idea to shop around when you buy life cover, and in particular life cover which has combined critical illness cover with it, is because not all policies are the same. There is a wide range in the cover given by life and critical illness policies, we strongly believe that you should make sure that you consider paying a little more to get the most comprehensive policy. Many of the banks, but not all, are selling products that are below par and will not inform you that there are policies available which will cover you for a lot more. Critical illness covers a set list of possible illnesses, some policies will have as little as three illnesses and some will in excess of thirty! So, although you may think that you are protected, because you have critical illness cover, you may find that the policy you have is not that valuable.
It’s always best to remember that banks are only able to sell you the products that they have available to them, so before you commit to giving them your money, it is always best to come to somebody who is independent to see how much money you can save. If you would like to review your protection needs you should consult an Independent Financial Adviser (IFA). Kieron Bassett Financial Services are an Independent Financial Advisers and we are open six days a week. Contact the office on (01524) 832057 or via e-mail info@kieronbassett.com to arrange an appointment.
Kieron Bassett CertPFS
29th November 2010
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