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Life insurance offers a cost-effective way in which to protect our family’s financial future, providing an essential safety blanket for a worst-case scenario.
Life insurance can provide £200,000 of cover from approximately 25p-a-day, depending on key criteria such as your age, medical history and smoking status.
A pay out can be used as your beneficiaries wish, however the proceeds are commonly used to cover mortgage repayments, meet future living costs, pay for additional childcare, clear personal debt, pay for your children’s education and/or leave an inheritance.
The devastating effects of the recent global COVID-19 pandemic has encouraged more and more people to consider what the future may hold and to make the necessary financial provisions.
But what is the best way of securing affordable life insurance in the UK in 2022?
In this comprehensive review we explore the pros and cons of the UK’s largest life insurance broker: Reassured.
A Review of Life Insurance Broker
Who are Reassured?
Reassured are the UK’s largest life insurance broker, having sold over 1.3 million policies to date. It is estimated that they currently hold between 20% – 25% of the entire life insurance market. They compare life insurance and income protection quotes completely free of charge on behalf of customers.
Reassured are classified as a non-advised brokerage (although they are developing an advised arm to their business), which means they will take your details, present you with all of the policy options and a quote comparison. However, they are not qualified to offer advice on which option might be best suited to meet your specific needs.
Formed in 2009 by founders Steve Marshall and Laura Benton with just 4 members of staff, today they employ over 1,100 staff across the UK and are fully regulated by the Financial Conduct Authority.
What do they do?
Reassured work with a panel of leading insurers, including Legal & General, LV=, Aviva, Zurich and SunLife, comparing multiple quotes to help find you the right life insurance policy, at the best available price.
There is no fee charged to use their quote comparison service, (they make their money from earning a commission direct from the insurer for a sale).
They can also help guide you through the entire application process, answer any questions you may have and help with a future claim.
Historically Reassured have provided a telephony-based service, however in 2022, they introduced a fully digital platform where customers can buy life insurance online without the need to talk to an agent.
What are the pros?
The main advantage of using Reassured (or any broker), is that it can save you valuable time and effort from having to source multiple quotes yourself. They can also help run you through the application process, answering any questions and unpicking the jargon. What’s more, their service is completely free to use.
Reassured offer a free, dedicated trust writing service to help you write your life insurance in trust, which could ensure your loved ones avoid 40% inheritance tax, as well as the probate process (for a faster pay out).
They also provide a wealth of online support on their extensive blog, including in-depth articles on how to make a claim, the pay out process and the best free gift incentives available on the market – see Reassured website.
What are the cons?
If you require advice with regards which life insurance policy to choose, then Reassured would not be the right broker for you, as they cannot provide this.
Although they are moving towards an online model, most of their policies are still sold over the telephone, so if you would rather not speak to someone or are not available to talk during the day, they may not be right for you.
Lastly, whilst Reassured work with several major insurers, there will always be providers who they cannot compare quotes for.
What do their customers say?
At the time of writing this review, Reassured had amassed a mammoth 65,079 Trustpilot reviews with an impressive 90% of customers rating them as “Excellent” and a further 8% as “Great”.
On Google they have generated 3,135 reviews, with an average rating of 4.8 out of 5.
Therefore, it is fair to say that they enhance their business over the last decade has been largely fueled by consistently delivering excellent customer service.
Other options
A broker can be a great option, especially if you require support through the application process. However, there are a number of different options you may want to consider.
Comparison websites, such as MoneySuperMarket, GoCompare and CompareTheMarket enable you to compare quotes 24/7, 365 days a year and they don’t usually charge a fee. If you require a fully online journey this could be a good option.
The most full proof method for ensuring that you find the best deal is to run your own extensive research, either sourcing quotes online or over the phone, (depending on the insurer). The drawback here though is the time this can take to compile.
Lastly, you could use an advised brokerage such as Cavendish or Life Search to compare quotes. This could be a good option if have little understanding of how the policy types differ. However, please be aware they usually change a fee for using their services.
Conclusion
Reassured offer a first class and highly successful life insurance broker service, with thousands of satisfied customers.
They compare quotes from the vast majority of major insurers completely free of charge and can also offer alternative policy types such as over 50s plans, income protection and funeral cover.
If you require a degree of support through your life insurance journey, then Reassured are a good option. Even if you want to use Reassured to source multiple quotes and then transact independently, you will not have lost anything.
Whichever method you choose to take out life insurance, there are two very important considerations;
- Always compare quotes from different insurers as costs can vary wildly due to different underwriting criteria
- Take out cover as young as possible, because as we age the premium costs increase and the rate accelerates as the years tick by
Why not seize the day and secure your policy today, providing invaluable peace of mind regardless of what the future holds.
