Life cover – Cashback may not be the best option

When looking for life cover it can be tempting to go with a Company who offers vouchers, free gifts or even a cashback. But these may not be the best options to choose.

These life cover providers are offering you these freebies to entice you in. They want you to buy their policy and are willing to give something away to make you feel like you’ve got a good deal. Unfortunately, this is rarely true. When the Post Office launched a new life assurance policy they offered £100 cashback. The policy is not the most competitive around and by asking an independent financial adviser to assess the competition cheaper options were found, even when taking the £100 cashback into consideration.

It should be obvious but people at the Post Office aren’t going to know a whole lot about life cover.

• Should you consider putting the policy into Trust?
• Would Life of Another be a better option?
• Joint life or single life cover?
• Reviewable or guaranteed premiums?
• Waiver of premium option?

If you are thinking about life cover then you are thinking about protecting your family, dependents and loved ones. The policy maybe to cover a mortgage on death or just to provide some extra money to cover other bills and outgoings. How will you know if you have enough life cover?

By talking your problem through with an Independent Financial Adviser (IFA) they will quickly be able to ascertain the best way forward for you. They will source a competitive policy, with a good company that has all the features you require. And that’s not all, an IFA will be happy to speak with you in later years to review the life cover and make any changes you need to the life assurance policy.

So don’t be enticed by all the marketing offers, take expert advice from an Independent Financial Adviser and be confident that your life cover needs are in good hands.

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