Buying Life Insurance

There are a variety of ways to obtain Life Insurance with the main options being either to shop around yourself, through your mortgage lender or via a third party adviser such as an insurance broker or independent financial adviser(IFA).

Medical certificates signed by a GP are not needed for every claim, as the workload required would bring British General Practice to a halt. Instead only those whom the insurer feels need to provide more information about a particular condition will need to supply such information. These will usually be those who have a history of illness.

A key piece of advice is to ensure that the person or firm who is selling you Life Insurance is registered with the Financial Conduct Authority. This ensures that they adhere to a tough set of conditions governing the sale of policies.

How Do I Get Life Insurance?

Through a mortgage lender: the majority of Mortgage Payment Protection policies are arranged through a mortgage lender as it is often easier to arrange such cover and a mortgage at the same time. However cheaper options may be available by shopping around or using an independent financial adviser.
Through an independent financial adviser or insurance broker: this can cost in terms of charges, so can be a more expensive option; however during the stressful time of buying a house, it can save time and be worth the extra expense.
Shopping around: savings can be found in getting the best deal at no extra cost, but it is important not to choose only the cheapest option. The quality of the Insurance Policy, such as the number of conditions covered in Critical Illness cover, can also be important as is the level of customer service, should you need to make a claim.