Price Comparison websites have received a fair bit of bad press over the years, and they’re a good starting point for getting some initial ideas on pricing and types of insurance.
Car insurance is more straightforward and websites like GoCompare are pretty good for comparing common features and benefits.
What Price Comparison Websites don’t do as well is compare the different benefits provided by different insurers and their contracts for life and critical illness insurance policies.
Here’s a ‘for instance’: Guaranteed Insurability (GI)
Some contracts include GI, but many don’t. GI means that, in certain circumstances, the insurer must offer you insurance at your own rates, even if you’ve become uninsurable due to ill health.
You can imagine the situation where someone moves home, only to find that due to their ill health they are declined further insurance by their insurer and cannot protect their family against the increased mortgage balance. Whereas, if the policy had GI written in to it, the insurer would have little choice in the matter.
GI has of course certain limitations, but can often be included in your plan from the outset at little or no extra cost.
Not all providers include GI, so speak to your adviser to find out more about Guaranteed Insurability and make sure your life or critical illness insurance has some.
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