2022 Life Insurance Ratings – 4 things you should read
Our Protection Product Ratings provide advisers with a valuable resource to research and check the quality of each insurers protection proposition, as well as a range of underlying features and benefits. The features and benefits that make up the overall score are based on those most commonly selected by advisers on our research tools over the last 12 months. For this reason, our ratings are a reflection of what is important to advisers and their clients. They’re not static either and throughout the year we update the scores and medals if and when insurers make improvements to their products.
Today we bring you a round-up of our life insurance ratings, covering overall life protection, mortgage protection, family income benefit and business protection.
Life Insurance
Our life insurance ratings focus on general life cover and include all insurers products, including simplified life plans. Amongst the underlying product features and benefits we benchmarked are free cover, terminal illness benefit, GIOs and estate administration support.
Mortgage Protection Life Cover
Our mortgage life insurance ratings focus on life cover for mortgage protection purposes. For these ratings we’ve included interest rate options, particularly relevant for mortgage cover and separation options, in view of the fact many joint policies are arranged for mortgage protection purposes. Other benefits and features we benchmarked include claims processes, access to GP services and second medical opinions.
Family Income Benefit Life Cover
Family income benefit is sometimes overlooked in favour of more traditional level or decreasing term life policies, but at Protection Guru we believe FIB can provide valuable cover and is well worth recommending. For our Family Income Benefit ratings we’ve included many of the same underlying features and benefits as the other life products, but placed a little more emphasis on GIOs in the overall score, reflecting the fact this policy is typically used to ensure the life insured’s spouse or children are cared for in the event of a claim.
Business Protection Life Cover
The final life insurance cover we included this year is business protection insurance. Given the disruption and upheaval many businesses have had to contend with the last few years, business protection insurance is arguably now more important than ever. For our business protection ratings underlying features and benefits that we’ve benchmarked include business legal guidance and support services, recruitment support services and immediate cover.
