In regards protective life insurance, it is in any case more important to choose the right type of policy than the cheapest individual policy available, since the difference in actual cost will not be very large.
In choosing an investment-oriented contract it is more important to pick the right one for the individual, but in general this is beyond the ability of the individual and requires the assistance of an insurance broker or other adviser.
It is possible, given the necessary background knowledge, for the individual to decide such matters himself, but there are good arguments against doing so, and this website is not intended to be a "do-it-yourself 'guide.
However, the advice available to individuals on life insurance can be of very variable quality.
In some cases it is less professional and objective than it ought to be, largely for historical reasons concerning the structure and development of the life insurance busine.
So long as selling life insurance can earn an agent large sums of money (which it can) and professional guidelines and training are lacking (something that is only now beginning to be remedied) the individual does face the risk of being advised by someone with less than adequate qualifications and/or professional integrity.
Armed with the information given in this website, however, nobody should fall prey to one of the small minority of disreputable or incompetent advisers.
The actual form of the life insurance policy has not changed a great deal over the years.
The policy is a contract between the policyholder and the company, made on the basis of the proposal form in which the prospective policyholder has to give such information as the company may require (accuracy is essential here if the contract is to be vali.
In return for the payment of the specified premiums, the company guarantees to pay the sum assured plus, where relevant, bonuses, to the........ see: click here for Nature Of The Contract Continued
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We are not authorised to give advice and we are not liable for any financial advice provided by, or obtained through a third party. The information published on this website is for information purposes only. This site has been approved for compliance purposes by a Firm of Independent Financial Advisors who are authorised and regulated by the Financial Services Authority (FSA). The Chartered Insurance Institute
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