What even IS life insurance – and do YOU need it?28 December, 2015
An eight-point checklist on your own life to see if you need cover…
By Tom Edwards
Life insurance is so important but many people have no idea what it even is, never mind whether they should get it or not. So in an effort to make life easier, I had a chat with Matthew Gledhill – Beagle Street’s Managing Director – to find out exactly what it is, and whether you need it.
First of all: What even is life insurance in one jargon-free sentence? Here’s Matthew’s answer:
“Life insurance is a promise that if you buy a life policy and you are unfortunate enough to die during the policy, then the company you bought it from would pay out an agreed amount of money.”
That’s that, then. EASY.
So, should YOU get yourself covered? Time to find out…
1. Do you LOVE CATS?
Obviously the main reasons for getting life cover are based around family – but for many people, their cat is part of the family. Matthew says getting cover to make sure you’re moggie is looked after when you’re not around, totally happens.
2. Do you have kids?
If you’ve got kids, you’re in one of the three main groups of people who take out life insurance. People take out a policy so that if anything ever happens, there’ll be some money to look after the kids. Makes sense, huh?
3. Do you have a mortgage?
Another of the three biggies – as Matthew says: “Getting a mortgage is one of the biggest reasons for buying life insurance.. If you die the mortgage still needs to be paid off, and you don’t want to leave your loved ones struggling to pay the mortgage and possibly losing the house, therefore people insure their lives to ensure there is money to pay off the mortgage.”
4. Do you LOVE DOGS?
OK, so this isn’t necessarily a real reason for buying life cover, but we are called Beagle Street and we do love doggies! Matthew even has one of his own. It’s not a Beagle, but it is a gorgeous labra-doodle. Look!
5. Are you married?
This is the last of the big three. Are you in it? Matthew reckons newlyweds take out cover because “they’ve just got married so they want to protect their wife or husband if something happened to them”.
6. Are you sick of annoying call centre staff?
Because if you are, then Beagle Street are DEFINITELY the insurer for you. Before Matthew set up Beagle Street, he tried getting cover from another provider and the process was so long, drawn-out and frustrating that he decided to SET UP A WHOLE NEW COMPANY just so he wouldn’t have to do it again. Here is a brief run-down of what happened:
– Goes on internet to get policy, is confronted with loads of confusing questions
– Answers them, then gets told he can’t get a policy online because he has diabetes
– Calls call centre, has to go through ALL the questions AGAIN
– Is given a price, but told he has to take a medical
– Takes medical, gets different price
– Tries website again, it doesn’t work
– Eventually buys policy, but gets no documents
– Tries to get a will set up, but is told he needs documents
Ugh. You get the picture. The whole thing took ten weeks to sort out!
So, when Beagle Street was set up he just bought a policy straight away (you can get a quote in just ten minutes). AND it was cheaper.
7. Have you been through hard times?
Often it’s the tough times that make people realise what they’ve got – and what they want to protect. We think taking out protection is an act of love for those that mean the most to you.
8. Do you think you need it?
Because the people who really need it are the ones who often don’t buy it. Matthew says: “It tends to be bought more by wealthier people because they’ve got the disposable income to buy it. Ironically, they’re often the ones with pots of money they can leave behind anyway.
“The people who really need it – people like single parents, for example – where if one parent goes then, what’s going to happen to that child? How do you ensure that they’ve got some protection?
“That’s one of the reasons behind Beagle Street – we wanted to allow everyday people to buy it.”
Remember, protecting your loved ones with life insurance is easy with Beagle Street, and we’re up to 35% cheaper* than other life insurers Hit the ‘Get A Quote’ button above to find out more
*Average across 12 providers, Independent prices as published MoneyFacts September 2015.
Figures based on 20-45 year olds, smoker and non- smoker, £100k level or decreasing term, for 25 and 30 years