01/10/2022
Healthy Lifestyle

Life Insurance, why is it important?

Life Insurance would be security for you and your loved ones if anything happened to you. When choosing life insurance and deciding which company to choose, Reviews Bird helps make those decisions easier. They offer insurance company reviews that give insight into what type of insurance and which insurance company may be the best fit for you. In addition, it is essential to know and understand the different types of insurance policies available to you; hence different insurance types include:

  1. Home Insurance
  2. Car Insurance
  3. Life Insurance
  4. Travel Insurance
  5. Health Insurance
  6. Multi-cover insurance
  7. Pet Insurance

Top 3 Insurance Companies in the UK

The Top 3 Insurance companies in the United Kindom (UK) have become more relevant than ever due to the Covid-19 Pandemic. Many families and individuals are looking at insurance companies to find their perfect match to remain protected given the event they might contract the virus and become seriously ill or worse. Moreover, what each one has to offer. This can be a painstakingly and long progress, so to help narrow down the search, below are a list of the Top 3 Insurance Companies in the UK, to name a few:

  1. Legal & General. They are the UK’s largest life insurance provider. They offer life insurance, pet insurance, home insurance mortgages, retirement products, and many other services.
  2. Aviva. They are the UK’s largest general life insurance company. They offer car, home, health and life insurance, accidental death and travel insurance, prepaid funeral plans, and many more.
  3. RSA Insurance. They are UK’s second-largest public insurance company. They offer a  variety of personal, commercial and insurance services.

How has the pandemic affected Insurance?

The Covid-19 Pandemic has caused a lot of unforeseen losses. Not only in the instance of becoming jobless but also losing beloved family members. Due to this, the insurance companies have suffered. They have suffered in the sense of businesses having to shut down almost instantly, too many elaborate events and athletic competitions not being able to occur. As a result, they have had to claim their insurance back. Going forward, there are going to be some changes when it comes to insurance policies and the potential fee increases. Some changes could indicate that car insurance may decrease while overseas travel insurance may increase.

Insurance companies justify this by referring to the risk factor, much like life insurance, where your age and health state determines the risk factor. But, more importantly, how likely you are to get sick and the rate at which you will recover. Therefore, the older you are, the more likely your fees will be higher than someone older than you.

What you should know before you get Insurance:

While insurance is a critical component in making sure you, your loved ones and your assets are protected, there are a few things you should be aware of before you get any insurance policies:

  1. You need to assess your current financial situation. Then, with the guidance of a financial planner, you should discuss in detail what you need to cover and what specific insurance policies you can afford.
  2. Know how much insurance you will need. You may not consider everything that may need to be covered. For example, you might need enough insurance to pay off your mortgage. However, you will most likely need to consider having a policy covering your spouse and any potential children.
  3. Always compare insurance companies. Try to get free online quotes from insurance companies that allow you to have various choices and make sure that you get the exact plan that is perfect for you and fits within your budget.

Insurance can sometimes seem overwhelming, especially in today’s day and age. However,  with the help of a financial planner, you should be able to make the right choice that is best suited for you, your future and your family.