The most trusted protection insurance providers for customer service
MOST TRUSTED: TESCO BANK
Life insurance should be an important consideration for most people, giving peace of mind that if should you die there'll be financial provision for loved ones. But, perhaps because we don't like to think about our own mortality, it's not something we all rush out to buy.
Tesco Bank is trying to change this. By having a simple, straightforward approach to the product it's beaten off stiff competition from other providers to win the title of most trusted life insurance provider.
Its website has a no-nonsense approach to the product, explaining the types of cover available and highlighting the reasons why you might need them. It also provides an online calculator so you can see exactly what different cover types might cost you.
Customers particularly like the application process, which is available online or by phone. One customer described this as “a very quick and simple online application process without needless formalities”.
PRIVATE MEDICAL INSURANCE
MOST TRUSTED: BENENDEN HEALTHCARE
Growing NHS waiting lists could see more of us taking out private medical insurance to give us the peace of mind that we can access treatment when we need it. Being able to trust your medical insurance provider is therefore important and beating all the big names this year is a mutual, not-for-profit organisation Benenden Healthcare.
It operates a different model to the big insurers. Rather than picking up the tab for all your healthcare costs, treatment is available where the wait for NHS treatment is too long this allows it to keep its premiums low, at just £1.50 per person a week.
In addition it provides a range of healthcare services such as a GP helpline and a stress counselling helpline.
However, it restricts membership to current and former employees of the public sector and other approved organisations such as the Post Office, BT and charities.
Private medical insurance
PMI allows you to skip the NHS waiting list and arrange treatment at a time you choose. With most PMI policies, you pay a monthly premium (the older you are, generally the higher premium) and the policy will then pay out, up to specified cover limits and after an agreed excess, for any treatment you might need. Not all conditions are covered by PMI and you get what you pay for: the more cover you want, the higher your premium will be.
Generally thought of as being interchangeable with life assurance, but isn’t. Life insurance insures you for a specific period of time, at a premium fixed by your age, health and the amount the life is insured for. If you die while the policy is in force, the insurance company pays the claim. However, if you survive to the end of the term or cease paying the premiums, the policy is finished and has no remaining value whatsoever as it only has any value if you have a claim. For this reason, life insurance is much cheaper than life assurance (also called whole of life).