"Free Gifts” – This maybe an expensive Life Insurance Deal ?
5 REASONS " Not to Buy Life Insurance with Free Gifts "
- Providers often increase their premiums - to cover the cost of their ‘Free Gifts’
- Maybe £1,000’s more expensive longer term - against Broker quoted deals
- Only 1 Insurer used by many providers - compared by bobatoo.co.uk
- May not be the most suitable Insurers plan - or comprehensive policy
- Not get the benefit of Professional Advice - via a Financial Adviser
CONCLUSION: Don’t just base your Families future health &
well being on any ‘Free Gift’
LIFE INSURANCE - FREE GIFTS - BROKER DEAL TEST REVIEW 2021
- Our Example Trial Quote was
- £500,000 level term life insurance | 30 years [quoted 5/1/2021 including premium waiver benefit]*
- We Independently Tested comparison online quotes for a Male aged 40, Smoker, Fit & Healthy
- We firstly quoted our 5 cheapest Broker Rate Deals with no fee discounts
- £89pm - Legal General
- £92pm - Zurich
- £95pm - Aegon
- £99pm - AIG
- £100pm - Canada Life
So cheapest broker test quote
* £500,000 level term life insurance | 30 years = Legal General £89pm
We Compared against 5 Leading Life Insurance Quotes ‘Free Gift Deals 2021′
 COOP – Upto £50 free gift food voucher- This Provider only uses Royal London
- Their Co-op Life Insurance Online Quote = £128pm
- So £468pa or £14,080 – lifetime cost more expensive
 DIRECT LINE – Upto £180 - Amazon, Love2Shop or M&S free gift cards
- This Provider only uses AIG
- Their Direct Line Life Insurance Online Quote = £109pm ^
- So £240pa or £7,200 – lifetime cost more expensive
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These are sample Life Insurance Free Gifts trial quote comparisons v our own Broker Rates
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Quotes / T&C’s / gift deals may all vary online if compared anytime in the future during 2021 & premiums fully paid
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Lifetime Costs more expensive - All against Legal & General broker test quote 5/1/21 = £89pm with premium waiver re accident & sickness
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No premium waiver made available on any Free Gift Providers products
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^ AIG & Royal London just offered their basic 3 Critical Illness Plan Option. HSBC None.
- Often you have to pay more than 6 months+ premiums before any gift deal applies
CONCLUSION: Our Broker trial quotes were Lifetime £1,000’s cheaper.
So ‘Free Gifts can proove expensive’
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OUR LATEST 10 TOP TIPS
‘LIFE INSURANCE FREE GIFTS’ UK 2021
1 ] Free £30,000 Life Insurance
- This great gift deal for 2021 is currently via Post Office & Aviva
- Providers offers £15,000 per any New Parent for each child & for upto 12 months
- New Parents can apply for separate policies if under 4 years old for each child
- 1 Insurer allows you to apply upto 8 children ie; £15,000 x 8 = £120,000 per parent
- Terms & Conditions will apply. May not qualify if you have serious health issues
CONCLUSION: New Parents could get Free Life Insurance for upto 1 year
2] Free Gift Rewards via Some Insurers
- Some Insurers like Vitality Life offer points for keeping your active Health status
- You can earn discounts & rewards eg; Starbucks, Amazon Prime, Ocado, VUE & Virgin Gym Active
- They also reward you chance to keep your premiums low in future by staying active & healthy
CONCLUSION: Earn rewards to those who demonstrate good long term health
3] Free Broker Help
- Why buy what could be your most expensive lifetime purchase, with no advice ?
- It costs nothing ( other than your time ) to initially talk to one of our Professional Financial Advisers
- Some have over 25 years experience in Financial Services.
- A problem shared is a problem halved
CONCLUSION: Use our expertise to help get the gift of an ideal life insurance plan
4] Free Poorer Health Check Comparison
- What happens if you have poor health or family history eg; Raised BMI, Diabetes, Cancer ?
- In this instance, an Insurer maybe likely to increase your premiums to cover their higher risk
- Our ‘Free Gift Life Insurance’ Providers list did not offer a poorer health comparison check
- As they only used 1 Provider, you would be unable to compare if their deal is even fair
- Our brokers may kindly contact various Underwriters to check around Competitive rates
- We maybe able to get standard rates, whereas your Free Gift Life Insurer may not do so
CONCLUSION: Our Brokers compare Insurers deals if you have health concerns
5] Free Critical Illness Insurance Upgrade
- Many ‘Free Gift Life Insurance’ deals also just offered their basic 3 Critical Illness plan option
- These 3 Critical Illness plans may just cover certain types of cancer, heart disease & stroke
- Child cover is also not included as free part of some of these deals, unlike other broker quotes
- Some ‘Free Gift’ providers have also limited the total amount of critical illness cover allowable
- This limit could be age dependant, or just based on a low percentage % of main life cover amount
- Using brokers you could access a wider marketplace, higher cover levels without plan restrictions
CONCLUSION: Broker Critical Illness Deals may cover 50+ benefits ( not just 3 )
6] Free Waiver of Premium Benefit access
- Our ‘Free Gift Life Insurance’ Providers check all did not offer access to waiver benefit option
- Waiver benefit means premiums are paid due to a longer term illness or accident
- Premiums could be ‘waived’ after 4/8/13/26 weeks until return to work or plan end
- It makes sense to have waiver if you have low savings, no sickpay or income PHI
- Should you have to stop your cover, you may find it hard to get an affordable deal again
CONCLUSION: Premium Waiver ensures your cover is not at risk upon ill health
7] Free Access to Higher Age at entry limits
- Our ‘Free Gift Life Insurance’ Providers we checked all did not allow higher age limits
- You were often restricted to a maximum age entry & this could be as low as age 59
- You may feel your only choice then is best over 50's life cover
- As brokers we may offer access to alternative Providers who go upto age 85 currently
CONCLUSION: Don’t feel you have been declined life insurance cover due to age
8] Free Vaping Smoker Life Insurance checks
- The ‘Free Gift Life Insurance’ Providers we checked all did not offer this vaping deal
- This means the Insurers will still class you on more expensive smoker rates if you vape
- As brokers we may possibly offer alternative Providers who charge lower vaping costs
- These usually apply if you have given up all nicotine products for 1 year before vaping
- Terms & Conditions will apply as always
CONCLUSION: Contact us for deals that may offer you cheaper Vaping only rates
9] Free Best Advice Insurance Policy reviews
- The ‘Free Gift Life Insurance’ Providers we checked all did not offer broker support
- What happens if you already have life insurance that you are thinking of stopping ?
- Since then your situation has changed eg; you have a new partner or got married
- You are now thinking of having a joint policy instead to replace a single life insurance
- Or you have an existing critical illness lifecover & this newer deal seems cheaper
- By dealing with a broker you can discuss over your best options moving forwards
CONCLUSION: Please freely access our Professional Advice when arranging your Life Insurance
10] Free Access to Range of Life Insurers
- Don’t restrict yourself to 1 Insurer, a limited product range & higher costs all just for a ‘free gift’
- Independant Brokers can help you source a competitive deal especially if you have any health concerns
- By dealing with a broker you can discuss over your best options moving forwards
- Note: We get paid a commission advice fee for only arranging a policy once setup via the Insurers
CONCLUSION: Makes sense to compare a range of Life Insurance Company deals not just 1 Insurer
CONCLUSION: Should I buy a Life Insurance with Free Gifts Cards ?
No, as you may already guess, we don’t think just getting a Free Gift Card should determine your Life Insurance.
Our research has shown it could work far more expensive £££ in the longer term
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POST OFFICE – Upto £50 free gift cards
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