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.

Recovering your Uninsured Losses

Being the innocent party in a motoring accident can be a very costly experience, and while insurance policies typically cover the majority of the expenses that we experience, they don't usually cover every eventuality. This is where the abundant advantages of Motor Legal Protection comes in, and in particular the Uninsured Loss Recovery it provides. 

What is Uninsured Loss Recovery?

Uninsured Loss Recovery is a feature of wider insurance policies, and covers the out-of-pocket expenses accrued by individuals following an accident that wasn’t their fault. It’s also referred to as Legal Expenses Insurance and is often purchased alongside a new vehicle insurance policy – some policies include it automatically, but it’s more likely that you’ll have to pay an additional premium for it. This motor legal cover is a relatively cheap form of protection but can prove invaluable if you find yourself dealing with unexpected expenses not covered by your insurance policy.

As this cover is not a legal requirement, it’s easy to overlook its true value until after an accident. Therefore, to put this into perspective, consider the following scenario…

An example

Mr. Cole stops his car at a roundabout. Another car, going too fast, drives into the back of him. The rear of Mr. Cole’s car is badly damaged and he is left injured.

Mr. Jones is driving the other car and is at fault. While his insurance will pay for the damage to Mr. Cole’s car, there are many other expenses incurred for Mr. Cole. Following the accident Mr. Cole is shaken. He is able to pull his car to the side of the road but it then needs to be towed home, which he has to pay for. Mr. Cole, after dealing with the accident, has to book and pay for a taxi home and arrange a visit to his doctor. He is self-employed and this causes him to lose half a day’s earnings. He ends up paying for extra phone calls in relation to the accident, paying for public transport in the short-term and then eventually hiring a car to use until his vehicle has been repaired. In addition, he has his own policy excess to pay.

Mr. Cole wasn’t the one that caused the accident but he’ll feel the financial effects. In addition, Mr. Jones’ insurers will try to avoid accepting Mr. Jones’ liability, potentially delaying any payout that Mr. Cole is due.

The alternative

After a non-fault accident, you can claim compensation to cover your costs, but you’ll have to initiate this process and negotiate a figure yourself. However, with the everyday demands of life, few of us would be able to devote the time and effort that would be required. With motor legal protection, a legal representative would do this for you, not only offering expertise and efficiency but also the peace of mind that, in a non-fault accident, your uninsured losses would be recovered.

No-win, no-fee services are often the first port of call for those without any form of motor legal insurance, and while they can help you recover some uninsured losses, these companies show a bias towards claims for injuries. As well as this, they tend to accept cases based on their likelihood of success rate, and even if your claim is successful, a significant portion of your payout will go to them.

Having motor legal protection cover would eliminate the need to navigate any of these rocky routes, firmly placing you in the driving seat.

Added comfort

It’s important to understand that Uninsured Loss Recovery of motor legal protection isn’t just helpful for the financial benefits. After an accident, it’s comforting to know that professionals are shouldering some of the stress and frustration by chasing claims on your behalf. You’ll be able to recover physically and emotionally from the accident without concerns about your financial situation, easing out your transition back to life as normal.

If you want to learn more about Uninsured Loss Recovery and Motor Legal Protection and how it can benefit you, visit Best Price FS.

Motor Legal Protection: Giving Young Drivers the Green Light

We’ve geared up our motor legal protection to put the brakes on insurance rates, and we’re giving young drivers the right of way.

It’s certainly not news to anyone that young motorists receive a lot of bad press when it comes to accidents on the road. Recent findings by the RAC Foundation showed that one in five will have an accident within six months of passing their test. Regardless of who is at fault, these figures emphasise that it is now more important than ever for drivers aged 24 and under to seriously consider safeguarding themselves with the cover provided by motor legal protection.

Comprehensive Cover

Motor legal protection is designed to help you recover your losses in the event of a motor-related accident that wasn’t your fault. The policy will pay lawyer fees up to £100,000 to help you recover any uninsured losses (such as claims for personal injury, vehicle repair costs, car hire charges, loss of earning and any policy excess).  An increasing trend amongst young people is to opt for the most basic level of car insurance, third-party cover, to reduce the soaring premiums they’re faced with. Motor legal protection provides a savvy way of increasing your level of cover on top of this, all without breaking the bank.

Car Hire for All

At only £6.75 a year, Best Price FS offer you this security as well as unlimited vehicle hire for a non-fault accident. And for only £13 more, our Silver Package will provide you with a hire car for up to 14 days, even if you are at fault. We know that an accident can cause a lot of stress, so we’ve designed our cover to keep you, our customer, on the go. What’s more, this vehicle hire is available to all, regardless of age, and will provide you with at least a like-for-like car in non-fault cases.

Cranking up Confidence

A One Poll survey conducted in 2013  highlighted the lack of confidence many young motorists feel after passing their test. 29%reported feeling completely unprepared to drive alone after passing their test, and considering the statistics stacked against them, it’s no surprise many feel this way. Our motor legal protection can help relieve some of this anxiety and leave you knowing that, should you be involved in an accident that was not your fault, you’ve got the best cover around.

Competitively Priced

Many customers don’t actually understand the benefits of having motor legal protection, seeing it more as a costly add-on pushed by their insurance providers. Often, this can be true: some companies will charge you as much as £30 for this service. Buying it as a stand-alone product instead gives you a far greater opportunity to shop around, and you’ll find our cover ticks all the boxes. Not only is it the most affordable out there, you’ll also be getting an exceptional quality product, a feature that is all too often sacrificed when paying so little.

Coulda, Shoulda, Woulda

No-one likes to spend unnecessarily, especially on the less exciting things like insurance products, and managing money when you’re young can sometimes seem like an impossible task. But hindsight is a wonderful thing, and I'm sure many of us have regretted not taking out insurance before it was too late. With the peace of mind provided by our cover, at least you’ll know that you won’t be stung by any unexpected fees. Departing with your initial couple of quid may seem like a bit of a drag, but compared to the amount you’d have to fork out without this cover, it’s a no-brainer.

So switch on, sign up, and start saving with Motor Legal Protection from Best Price FS today.

8 Major Income Protection Myths Debunked

Insurance products aren’t the easiest of things to understand and income protection insurance is no exception. With cumbersome key facts booklets and the media citing stories of context-specific consumer-insurer battles, it’s no surprise that many people misunderstand exactly what it is and what it specifically offers.

Outlined here are eight major income protection myths demystified, so that next time you hear something about income protection, you’ll be able to separate fact from fiction.

Myth 1: It doesn’t pay out

Provided that the policyholder has kept up-to-date with their monthly premiums, and has given truthful personal information from the outset, claims are nearly always paid out. In fact, last year, according to the Association of British Insurers, UK insurance providers paid out over 91% of successful claims. If you’re still unconvinced and want to double check specific insurer payout rates, most of them now provide easily-accessible claim statistics on their websites.

Myth 2: It’s too expensive

This myth is purely subjective. If you were a smoker in a high risk job and wanted a very high level of cover, your premiums would, of course, be costly. For the majority however, income protection is affordable and can cost as little as 30 pence per day. If you want significantly lower income protection insurance quotes, consider buying through a commission free broker or by extending your deferral period – the amount of time between a claim being made and the money being paid out. Premium rates are calculated based on your age, health, smoker or non-smoker and occupation, so if you’re serious about cutting the costs of premiums, it may also be beneficial to adopt a healthier lifestyle.

Myth 3: It’s a waste of money

When it comes to ill-health and injury, people can feel a sense of invulnerability, and so it’s all too easy to see how this kind of myth circulates. But ask anyone who’s used their income protection policy, and they’ll be the first to debunk this notion. If you were unable to work due to illness or injury, the monthly instalments provided by income protection could become invaluable, affording reassurance that bills, loan repayments, and any other expenses could continue to be financed during your time off work.

Myth 4: It isn’t necessary if you receive benefits

Statutory sick pay and other benefits tend to pay no more than £400 a month, which for most, would not cover the rent or mortgage. An income insurance policy however, would pay up to 75% of your usual income, comfortably covering the costs of your living.

Some employers will provide a more comprehensive benefit than statutory sick pay. Therefore, it’s important to check if this applicable; as this may mean that your deferral period can be extended which can, in turn, lower premiums.

Myth 5: It’s the same as PPI

Although they may sound similar, income protection and payment protection insurance (PPI) are not the same products. PPI insures a specific loan repayment, whereas income protection is designed to cover a portion of your income. If you found yourself unable to meet your mortgage repayments due to ill health, PPI would be on hand for this, but what about all the other inevitable expenses? This is where income protection comes in.

Myth 6: It’s not necessary if you have critical illness cover

Whilst critical illness insurance is important, unlike income protection, it would not pay out if you were unable to work due to injury or if you developed a non-critical illness. For this reason, income insurance may be worth considering along with critical illness cover, as this would cover a wider range of eventualities.

Myth 7: It’s not for you if you’re self-employed

Self-employed people can get income protection insurance, but be prepared to provide the relevant documentation. If you’re self-employed, your income may be more variable, so it would be beneficial to regularly review your policy to ensure that you’re covered for the amount of money you require.

Myth 8: It takes too long to apply

Whilst this may have been true in the days of dial-up-internet and telephone brokers, thanks to user-friendly websites, it is now easier than ever to search, compare and buy income protection policies.

If you’re interested in buying Income protection and want the best deal possible, consider using a commission free broker like Best Price FS to compare income protection insurance quotes.