Life Insurance through the ages: Olden Days to Online

Ever wondered how the whole life insurance industry started? Well prepare to be taken on a journey through time.

In this infographic, we look at the story of life insurance, from its basic beginnings as “burial clubs” to the complexity and choice of online life insurance today. What’s that you say? Life insurance and history, all in one? No, we didn’t think it could be quite so interesting either!

Discount brokers provide some of the most affordable online life insurance quotes around. See for yourself and visit Best Price FS today, your discount broker with a difference.

How to Get the Most out of Life Insurance

We all want to get the most out of life, but if you’re not getting the most out of life insurance then it may be time to try a few of these simple steps.

Here are 5 tips which should get you on the right track.

1. Put in the legwork

As obvious as it seems, putting in a little extra time and research may unearth some far better quotes. After all, paying up for the first quote you find means you’ll never know if there are any cheaper alternatives out there. The saying goes that good things come to those who wait, but it couldn’t be more wrong here: good things come to those who put the effort in. Doing so means that whatever the prices you get back, you can be sure that you’ll have all the knowledge and options in your hands.

2. Don’t pay for the added perks

We all love a free lunch, but when it comes to finding insurance, these ‘free’ gifts are usually paid for somewhere down the line. So whether you have a soft spot for cuddly toys or you’re after a fancy new fountain pen, don’t lose sight of the real product you’re after. Free gifts can bring a small smile in the otherwise serious affair of buying life insurance, but don’t be blinkered by them – this may be the insurance company’s way of dolling up a less attractive deal.

3. Find a discount broker

Many people are not aware of the added cost of commission attached when buying with a typical brokerage or comparison website. In fact, a recent YouGov survey found that the average commission taken is 24%, contrasting greatly to the 5-10% estimated by consumers. Worryingly, this suggests that consumers think that more of their money is being used to going straight towards buying their policy when, in reality, it's going straight into the intermediary. If you don't like the sound of this, fear not - there is an alternative. 

Buying through a discount brokers can provide the same variety of choice and selection as traditional brokers without the heightened rates of commission. At Best Price FS, we provide online life insurance quotes with 0% commission. The commission we would receive is instead reinvested to ensure that you get lowest premiums possible. All discount brokers charge a small initial fee of approximately £20-£35 to set-up your policy but this will soon be even out by your smaller premiums in the long term.

4. Set a realistic amount of cover

Life Insurance is designed to safeguard the financial future of your loved ones, giving them the stability they’ll need in your absence. Therefore, it makes sense to get a level of cover which will comfortably achieve this. However, this shouldn't mean punting for a £1,000,000 payout when you know there won’t be any sizeable debts to pay off when you’re gone. A larger payout will equate to higher monthly premium so be realistic and save yourself some money. Set the cover at a level which will be comprehensive but not excessive and your premiums should decrease dramatically.

5. Reduce your risk

Life insurance premiums are calculated by your lifestyle choices. This can be anything from your general health to your hobbies and interests, so if you’ve got a penchant for paragliding then you may have a bit of bother getting decent insurance rates. Therefore, it’s important to weigh up how much these things mean to you before getting life cover. A more practical solution could be to take simple steps to improve your health, whether this is means giving up smoking or losing shedding a few lbs. Whilst not the swiftest of solutions, changes like these can really have an impact on your insurance rates.


Discount Broker Best Price FS provide commission-free life insurance from the UK's leading providers. Click the following link to compare life insurance quotes today.

How Driving Licence Insurance Can Save you Money

If you were asked to list your most highly prized possession, it's likely your driving licence wouldn't make the top 10. Yet, when you consider all that it enables you to do, it might be worth a little reconsideration.

Having a driving licence affords a level of independence and freedom that previous to, would not have been possible. Whether it's popping to the shops at a moment's notice or not having to rely on train times to dictate your daily plans, it's safe to say that your little pink card makes life a whole lot easier. 

So what are you doing to protect it?

With life's everyday demands and stricter sanctions on speed limits, it can be all too easy to tot-up points on your licence. These can, in turn, lead to a driving ban. In the UK last year, 92,136 motorists were disqualified from driving (IAM, 2014) emphasising that licence loss is very much a reality.

If you were at risk of losing your licence how would you cope?

The legal fees involved in a motor prosecution defence can be eye-wateringly expensive, not to mention stressful. And if you were disqualified as a result, adapting to your new circumstances can be difficult. Without the freedom to drive away at a moment's notice, you'd have to rely on taxis and public transport to get from A to B. In time, the daily cost of travel can really mount up, an added expense you could do without.

The great news is that there are many insurance products out there specifically designed to give disqualified drivers a helping hand. Some insurers for example, offer a disqualification benefit, providing monthly instalments to the insured during their disqualified period. This benefit can be used to finance alternative transportation costs, providing a clever way to combat post-ban bank-balance woes. 

Typically, these policies also include much more than just a disqualification benefit, offering services such as motor prosecution defence to try to prevent your disqualification.

Always in the hands of a trained professional, motor prosecution defence provides another way to save money by side-stepping unexpected legal costs, helping to evade or at least reduce the effects of your prosecution. Insuring your driving licence will help ensure that, whatever lies in the road ahead, life can drive on smoothly.

To learn more about how to get driving licence insurance, visit Best Price FS. Included in their Gold Motor Legal Protection policy, they provide Disqualification Benefit and Motor Prosecution defence, all starting from just £54.75 a year.

One wonderfully simple way to get cheaper Life Insurance Quotes online

Buying life insurance can be costly, so if there’s an easy way to cut costs it makes sense to take advantage of it. After all, we’re only human.

One of the easiest ways to shrink the size of your premiums is to source insurance through a commission-free broker.

Simple? Yes. Obvious? Perhaps. Well-known? Unfortunately not. It’s a simple money saving strategy that so many fail to take advantage of, but here’s why you should…

Commission is the money-maker for brokers, the main culprit that drives up the cost of what should be an inexpensive product. The inflated price of the policy often forces people to sacrifice quality in order to afford the premiums, meaning that you don’t get the deal you deserve. Going with a commission free broker (also known as discount brokers) however, means that your hard-earned cash will get you the best quality product possible.

An example

To put this into perspective, here’s a real example using Discount broker Best Price FS’s comparison service.

Pete is a 33 year-old non-smoker who’s after individual, level term cover of £125,000 for 30 years. If this policy was bought directly from the cheapest insurer charging commission, a guaranteed £125,000 payout would cost:

• Per month: £8.90
• Per annum: £106.80
• Life of term: £3204

If the same was purchased with a commission free broker it would cost:

• Per month: £7.02    (£2.88 saved)
• Per annum: £84.24 (£22.56 saved)
• Life of term: £2527 (£677 saved) 

Savvy savings

As the example shows, you can save a considerable amount from buying through a discount broker. Although Pete’s £2.88 a month saving doesn’t seem like that much,  the worth of savings made over the full term (£677) is indisputable. What’s that saying again – ‘look after the pennies and the pounds will look after themselves’? It couldn’t be more evident here.

The general public have been fairly slow on the uptake regarding this money-saving tip. A recent YouGov survey reported a significant misconception of commission rates by consumers, perhaps explaining why so few factor it in when buying. On average 24% of the product’s price goes straight to the broker, but it doesn’t always have to be this way, not if you choose to venture down the commission-free route.

Cost effective?

When you choose to buy through a commission-free broker, you’re asked to pay a small initial fee. And while this may seem like their cunning way to sneak away with some commission, it simply provides a means of processing the policy. It’s true – you’re likely to pay out more initially than if you opted for a commission-based policy, but compared to guaranteed savings in the long term, it’s worth the initial spend.

Just make sure you’re not being taken for a ride, the cost of processing is relatively minimal, and in reality this should be no more than £20. Anything above this and you may want to consider looking elsewhere – for the same policy from the same provider, it pays to shop around for the best price broker.

With your new policy in place and the savings stacking up, you’ll be happy you did. And this is a disposable income you wouldn’t have otherwise had, so a great use for this extra cash could be on something for all the family. This way, you can still enjoy the best, even if you’re planning for the worst.

So if you’re after high quality but cheap online life insurance quotes, choose Best Price FS. A discount broker with a difference. To be directed to our main page, click here.