IDFM City News

Cheap Life Cover

As a leading London insurance broker IDFM (City) Ltd has seen the average cost of life insurance halve over the last decade, with price wars between providers pushing premiums down.

According to data from moneyfacts.co.uk, non-smokers have benefited most from the plummeting cost of cover, with average premiums for term insurance falling by 53 per cent for the average male policyholder.

Female non-smokers, meanwhile, are paying around 48 per cent less.

The IDFM (City) Ltd insurance services have noted that the trend for lower-priced cover could be set to come to end with premiums starting to increase in recent months.

Our London insurance broker service will compare the cost of a client’s current life cover against the best premiums available in the marketplace. A saving each month can translate to a large saving over the course of the whole term of the plan and many clients have saved a significant amount of money by using the life cover comparison service.

Below are some classic cases where clients are paying too much for their life cover:

• No longer smoke and have not asked for a requote of their life cover.

• Purchased life cover from their bank and failed to shop around for the most competitive deal.

• Mortgage amount has reduced but life cover is still insured for the level of the original mortgage.

• Level term assurance contract instead of decreasing term assurance where clients have a capital/interest mortgage.

• Plan contains a medical loading that no longer applies. A good example is where a loading has been applied for exceeding height:weight ratios. Where a client has lost weight they may well find that the height:weight ratio is acceptable and that the medical loading no longer applies.

• Different underwriting procedures for different insurers may mean that a client who has a premium loading for medical reasons by one insurer may be deemed as acceptable under normal terms by another insurer.

• A change in personal circumstances. Many times two people are insured when there is only a need to insure one person.

As the marketplace for life cover is fiercely competitive it is often found that the current insurer is not competitive when compared with the ‘whole market’.

Simply contact us at general@idfm.co.uk or call on 0845 2706160 for a free quotation and start to enjoy the savings.

19.01.2009. 16:51