What's Martin Lewis Advice on Life Insurance?

MSE Review: 07/2024

*5 Mins Read

Article: Martin Lewis Best Life Insurance Types MSE Guide

*What's Martin Lewis on Best UK Life Insurance Types?

In this Martin Lewis Money Saving Expert review we will look at these keys areas & more 🔸 What's MSE views on having Life Insurance 🔸 Types Available 🔸 How much Life Insurance Martin Lewis recommends you have?🔸What Affects Costs 🔸 Whom Best to Buy from...

* Martin Lewis on Life Insurance >* Martin Lewis on Critical Illness >
* Martin Lewis on Over 50's Life Insurance >* Martin Lewis on Income Protection >
* Martin Lewis on Private Health Insurance >* Martin Lewis on Over 60's Life Cover >
Martin Lewis Life Insurance Advice on Policy types >

11] Mortgage Calculator Martin Lewis | Mortgage Calculator MSE


The Money Saving Expert

Martin Lewis Best Life Insurance Formula Guide

Watch Martin Lewis Best Life Insurance Guide | ITV This Morning >>

What does Martin Lewis recommend on Life Insurance Types 2024?

Looking for Martin Lewis Life Insurance recommendations in 2024? Given it's confusing how much or what is best, MSE looks at the various 'Types of Life Insurance Policy.'

MSE review '6 Key Life Insurance Types' available to buy in the UK, helping find the cheapest policies to meet your needs. Martin says assess which alternatives may suit you better, and which we will look at further in their guide as brokers.

Therefore for Martin Lewis best life insurance here agrees it's important IF anyone is reliant upon your Income AND would struggle financially without you around ie; a financial insurable interest.

The Money Expert remarks YES "Life Insurance is a Cheap Financial Lifeline" SO the ultimate choice is always yours, if the monthly cost's worth it to you and your family.

On the 'Money Saving Expert Life Insurance' website section MSE Martin Lewis guide therefore asks and answers 2 key questions.

Do I need Life Insurance? If so, what is the ideal amount of Life Insurance Cover I Need?

What is Martin Lewis Best Life Insurance Formula?

What Martin Lewis recommends as his Best Life Insurance Formula is insure "10 x ANNUAL INCOME" for a 💯 100% Good Rule of Thumb in (2024).

Martin says aim to cover "10 x Main Breadwinners Income" until any kids have finished full-time education or other financial dependants.

Martin Lewis Life Insurance Advice Rule?

'The 10 X TIMES RULE' = Formula For Success

Best Life Insurance Martin Lewismartin lewis best life insurance | life insurance calculator money saving expert

How much life insurance do I need Martin Lewis?

However, MSE also suggests some guidelines if working out how much you may need, apart from just using the '10 x Annual Income' rule.

These may more easily help you calculate a figure & time frame that may best work for you & family, all based on your affordable budget.

They say it is worth ensuring any life policy types should also help to cover these following 4 Key Finance items: 

  1. Any Outstanding Debts that would need to be paid off ie; include any mortgages, unless they are covered by a separate life policy already.
  2. Immediate Outgoings ie; what your dependants would need to regularly pay like rent & bills
  3. Future Spending you may have wanted to make ie; university costs for your kids
  4. Any Additional Expenses that your death may then trigger ie; funeral costs.

They do point out that this 10 x the highest earners annual income may seem a high amount, but they say it is likely to then leave enough money (after the impact of rising inflation) to help cover mortgage repayments, expenses or any ongoing childcare costs.

This basic life insurance calculator Money Saving Expert formula states it could also go some way to help supplement the incomes of those left behind ie; if they had to unfortunately then leave employment. For example, to care for any dependant children or relatives.

The Money Saving Expert Martin Lewis Life Insurance guide previously focused their review comments mainly on level term insurances, and some need to knows. But now MSE also cover off reviews on various other types of life insurances, which we will touch on as brokers, as well for their comments.

In general here, Martin Lewis says you will often find the "Cheapest Quotes by going to a Broker" & NOT via Comparison Sites.

In terms of the large range of Life Insurance products available, Money Saving Expert are fully impartial with all their best buy reviews. As you maybe aware, neither Martin nor MSE never endorse any products.

Note: Yes, they mention individual products & services on MSE site, but they make it very clear don't 'support' them.

Therefore to also make it clear, this is our own impartial adviser review on MSE Martin Lewis' Guide to Life Insurance. With our own professional FCA regulated financial advisers commenting on aspects of their overall review.

As many people respect & follow their Money Saving Expert opinions, they always say if sure (or unsure & need advice) please speak to a Broker or Independant Financial Adviser.

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Indeed, we would strongly agree with Martin Lewis on life insurance its family importance & comments here. As he says, it's something every parent, partner, or person with any other type of dependant needs to consider. 

It was perhaps best summed up by our old wartime Prime Minister Sir Winston Churchill - Whom of his many wise words, sayings & quotes, once said back in the day...

“If I had my way, I would write the word ‘Insure’ over every door of every cottage and upon the blotting pad of every public man. Because I am convinced that, for sacrifices that are conceivably small, families can be secured against catastrophes which otherwise would smash them forever.”

Martin Lewis has his own personal family history tragedy here to tell, when he sadly lost his mum at only aged 11. He has reportedly said when she died, it left him unable to leave his home for upto 6 years due to extreme anxiety as he was growing up.

Perhaps Martin is therefore commenting here also on the family financial impact, as well as highly emotional impact, from some of his own personal experience background story?

money saving expert best life insurance

Martyn says many ordinary people are potentially Working Millionaires?

However, by using that Money Saving Expert basic principle formula therefore, if you earned £30,000pa gross, MSE re life insurance says you should maybe consider insuring yourself (assuming after any mortgage, loans & debts are also fully repaid) for £300,000 life insurance (ie; 10 x the annual gross income).

Interestingly, Money Saving Expert 'people also ask' here simply recommends insuring your gross income of £30,000pa & not bother getting involved in net after tax income in this 'Life Insurance Money Saving Expert' 10 x rule example.

Following on from this simple Life Insurance Martin Lewis example formula above, if you then worked for the next 35 years until retirement, you could potentially earn over £1 million gross ie; £30,000pa salary x 35 years [or more with any future inflation wage rises].

As such, unlike the 10 x £30,000 gross salary life insurance example - you could instead protect your family with either of these life insurance types;

  1. Income = £2,500pm or £30,000pa family income benefit FIB lifecover policy
  2. Lump sum = £1 million level term life insurance policy [if invested @3% = £30,000pa]
  3. Or a mixture of the 2 policy types over the next 35 years - all dependant on your family circumstances

Neither of these examples also takes into account repaying any say mortgages, loans or debts. So factor those in as well.

  • You can decide wether you want the cover to be level or inflation linked
  • Single plan | 2 x seperate plans | Joint life insurance 1'st claim | Lump Sums or Family Income Benefits options

Even when you retire, the need for some form of life insurance protection is perhaps always there. For example, if one person is much older than their partner & dies just as they retire. It could be the surviving partner may not get their pension benefits but still live on for another 20 years plus and have to then cope financially on their own.

Martin Lewis advice on life insurance types & ours is apart from sadly losing a loved one & breadwinner, this real hidden income threat is what could be lost if the main earner died prematurely. 

Child Bereavement Uk Royals
unhappy face Over 120 newly bereaved children daily lose a parent before they grow up *UK Child unhappy face

Martin Lewis Life Insurance - Money Saving Expert

Background: Who is the highly respected Martin Lewis OBE & CBE? He is a very successful Financial Reporter & Money Expert, and the founder of the well known UK consumer website Money Saving Expert.

He also has his own current affairs TV Money Show on ITV. This was all initially broadcast after all the London Olympics back in autumn 2012. 

Martin Lewis is now often seen on TV commenting on current financial matters & affairs. Or daytime TV like This Morning Martin Lewis being the popular go to person for sound advice.

In 2012, his popular Money Saving Expert website was also sold to The Money Supermarket.Com group for reportedly £87 million.

Since 2015, Martin Lewis remains executive chairman and in these challenging 2020's - all round UK Consumer Champion & Finance Guru.

However, his undoubted success today in 2024 hides a very sad story from his past, which he emotionally & honestly explains further in this BBC Podcast.

*Martin Lewis - What happened as a Child?

Martin Lewis as mentioned above sadly told of his own life story, where at only aged 11 he unfortunately lost his late Mother Susan Lewis, in a tragic road accident.

What happened to Martin Lewis as a Child then reportedly left him emotionally unable to sometimes leave his own house - for upto 6 years (Times Newspaper Article).

Except for going to school, this emotional impact from this personal accident tragically left him he said looking back with both extreme anxiety & trauma. 

As such, Martin Lewis illness mentally as a teenager back then & during some darker days says he sometimes “struggled to even get out of bed”.

The tragedy on the longer term impact of someone losing a parent so young into their lives, whether this be financial, psychological or both. A very similar background history happened in our family.

As such today he says 'Financial problems and mental health issues are locked together — it’s about time treatments were linked too', urges Money and Mental Health Policy Institute & its chair founder Martin Lewis.

This then means that he can also speak now with some authority around the subject of mental health & where he also explores the link with money management.

Some of these Martin Lewis' Money Management books shown below are all therefore well worth a read, especially in this ongoing cost of living crisis.

What does Martin Lewis think of Life Insurance?Life Insurance MARTIN LEWIS REVIEW 2024'Martin Lewis Life Insurance' Review
Check out 3 Money Management Books by Martin Lewis Money Expert Savings

Important Note: This overview on Money Saving Expert Martin Lewis on Life Insurance blog is not a scam fake advert re Martin Lewis recommending our own broker servicesAs you may be aware he & MSE are fully impartial which means never putting his name or face / logo to anything. Yes, they mention individual products and services on their site, but they don't 'support' them. Any Martin Lewis Money video's or images shown may also have some out of date information on them - due to the ongoing cost of living crisis. Often these life insurance MoneySavingExpert articles may no longer be personally updated or written by Martin Lewis himself. MSE do state he oversees site content, especially the MSE weekly email. Naturally, although MSE is an independant website finance allows no advertising nor subscription, it may receive a revenue via 'affiliate links' to the top products or providers (which we aren't mentioned)

'Money Expert Life Insurance' with Terminal Illness v Critical Illness

Martin Lewis asks What is terminal illness cover in 2024What's Terminal Illness Insurance Martin Lewis?

MSE doesn't go into any depth on what is Terminal Illness Insurance but we note: Most UK life insurance policies may include a FREE Terminal Illness inclusive payment benefit. This means you've sadly been advised you may have less than 12 months to live.

As such, the Insurers will potentially pay you out the life insurance money in advance of death. As your condition is considered terminal, this may also then enable you to say pay off your mortgage earlier or make any final death plans.

How much is terminal illness benefit worth being as it's Free - So Terminal Illness insurance should NOT therefore also be easily confused with the paid for Critical Illness benefit - if doing any online comparison life insurance quotes.

Martin Lewis on Critical illness cover in 2024 says many plans are tied into life insurance but you can still get standalone critical illness cover (however, unlike inclusive terminal illness benefit it is not free). Note; Standalone critical cover means it does not include life insurance, so if you died for example due to an accident it may not payout.

They are an optional and valuable paid for insurance health benefit. Insurers will after a valid diagnosis of a specified critical serious illness, then make an insurance claim payout. Note:

BUT this is paid out crucially upon your ongoing survival (rather than any terminal illness cover leading to reduced life expectancy and an early death diagnosis) eg; survival claims for types of Cancers, Heart disease, Stroke & MS are typically the most common insurers payments.

Nonetheless, as the chances of a critical illness insurance claim are much higher (than being terminally ill) it is often 4/5 x the price of life insurance quote alone (see below comments review Martin Lewis on Critical Illness).

'Money Saving Expert Life Insurance' Review:

So, as Financial Advisers we are not saying MSE basic "Martin Lewis Life Insurance" formula 10 x salary is therefore a 99.9 % percentage 99.9% fits all situation BUT it is a good starting point ie; not applicable for everyone's own personal situation.

You may also feel this is either not enough protection cover, or perhaps too much for your own circumstances? So, I would therefore simply re-summarize the 'Money Saving Expert Life Insurance' Martin Lewis formula.

That is to ideally 'Protect 3 Things'...

Life Insurance | Lewis Martin Money Savings Expert
  • LUMP SUM > Repay any mortgage & debts, cover funeral costs
  • INCOME > Help cover all your regular monthly bills
  • LUMP SUM > Back up for holidays, education, emergencies

This basic formula is naturally dependant on whether you are married or cohabiting, have younger or older dependants, retired or both working still. Perhaps instead have sufficient backup funds already in your savings & investments.

Ultimately, enough life insurance is also balanced down to what you can afford to comfortably pay for it ie; within your affordable budget both now & into the future.

This general 'Martin Lewis Insurance' life cover types calculation could also be made harder due to any pre-existing health, family history & lifestyle issues. This could mean possibly higher ‘rated premium’ insurance costs.

Unsure about your own individual situation re any best life insurance comparison Martin Lewis general comments? Contact us for personalized advice.


Does Martin Lewis recommend Life Insurance?

......Does Martin Lewis recommend Life Insurance?

What's Martin Lewis Life Insurance policy?

What does Martin Lewis say concerning life insurance and does Martin Lewis recommend life insurance? Well MSE recommends when considering taking out Life Insurance protection cover, he suggests these '7 helpful pointers' and need to knows for your family:

'Life Insurance Money Saving Expert' - 7 Need to Knows

  1. Go for Guaranteed Fixed Premiums NOT Reviewable Premiums
  2. Disclose all Health Conditions & Risks to avoid any potential non-valid claims
  3. 2 x single policies can sometimes be better than a joint 1'st claim policy
  4. Write your plan into trust helps avoid the taxman & probate delays
  5. Switch & Save on existing cover eg; given up on all smoking or health improved
  6. Your protected under FSCS if the Broker or an Insurer goes bust or feel if mis-sold
  7. Martin Lewis advice on life insurance recommends you seek Professional Advice if unsure

Follow his advice & 'Martin Lewis How to save money' tips with their above MSE '7 Life Insurance Need to Knows' re Martin Lewis life insurance advice 2020 's.

Should you wish to complain about your insurance company MSE give you a free complaints tool link to a website called Resolver. Their tool helps you to manage your complaint. They say if the insurance company doesn't play ball, it can also help if you wish to escalate your complaint then to the free Financial Ombudsman Service.

'Martin Lewis Life Insurance Quotes' - 6 Key Factors

  1. Your age (or ages if a joint policy) Generally the younger you are, the cheaper cover maybe the longer the term
  2. How much cover? Bigger the payout you're after, the more it will likely to cost
  3. How long you want life insurance for? Longer the cover period, the more it will cost. The older you are insurers see greater chances of claim
  4. Any medical conditions for you or partner? Some health conditions like for plus size may mean you pay more, others may have little impact at all ie; depend on what, when diagnosed & how it's controlled
  5. Extra cover add-on like Critical illness? It's possible to get enhanced cover like adding critical illness cover extension, a common add-on to life insurance types (you may also get standalone cover).
  6. How to buy the policy? Should you buy a insurance policy yourself, you will have 2 main routes – Non-advised OR Advised.

MSE says note: if you are buying a property, you maybe encouraged to take out some form of life insurance policy by either the mortgage company, bank or financial advisor at the estate agent.

Money Saving Expert Martin Lewis money life insurance here points out that you 💯 100% don't have to go via any of them though ie; you might NOT get the best or cheapest options.

We agree with them, as often that exact same Insurers life insurance policy type may be cheaper via a broker OR they only offer basic less comprehensive cover.

What is Martin Lewis’s life insurance policy? Life Insurance tips

Money Savings Expert Life Insurance guide 2024

What is Martin Lewis life insurance policy? MSE savings 'money expert life insurance' guide if considering taking out cover & check costs, also points out the following issues to consider before buying.

*Check if you have any cover via your employer (though do not just rely on that)? 

Martin Lewis life insurance quotes that if you are employed, you might benefit from getting free death-in-service life cover. This usually pays out a multiple of your annual salary eg; 2 or 3 or 4 x times your basic annual income (or even more), whilst you are an employee of that company.

The death may not need to occur at your work or be linked to your job, but it is not usually a good idea to just rely on this cover as your only protection back up plan.

For example, If you were to change your job or be made redundant, your next employer might not offer any form of 'death-in-service' benefits.

Plus, if you develop any significant health problems in the interim, you may now then find it expensive or difficult to arrange your own life insurance cover at all. 

As Financial advisers we would add that this death in service for some people, may also pay an ongoing income to your family & dependant children ie; until they leave education.

However, any death in service is often only to your nominated dependants as you requested & then still all subject to their employer trustees discretion.

This could mean that what you ideally thought may want to happen perhaps is then different ie; Your original situation when you signed up to, this is now totally different at your death.

Naturally because it is free, often many people we talk to as advisers then just use all this employee benefit totally to rely on to help cover both all their mortgage & family. Usually, this is never enough.

*Life insurance gets more expensive as you get older (so is it best to buy it sooner rather than later)? 

On the money savings expert life insurance topic they state that even though their policy term will usually last much longer, younger people normally also have much cheaper premiums ie; you may potentially spend less overall.

As Financial advisers we would also agree. However, younger may also mean someone at that stage of their lives is maybe free, single & still living at home with the bank of mum and dad.

Alternatively, they maybe now living away from home with their partner for the first time. So, sometimes convincing someone younger to consider their longer term health risks in their say 20's (rather than it is cheapest then), is often harder to do.

Also, the older you get the more likely various adverse health & lifestyle issues for plus size can then mean insurers could higher risk rate the life insurance policy premiums. Commenting on this 'life insurance money expert' MSE aspect....

We would say the best time to take any insurance out...is when you don't need it. Sadly it is often too late when you do.

money saving expert best life insurance

MSE Life Insurance Explained Martin Lewis

*How long should the life policy last?

Money savings expert life insurance review comments they think a policy covering children should only last until they would no longer be reliant on either you or your partner ie; that is generally at least until they finish full-time further education.

However, they also point out that if you are planning on having more children in the future, you may want to estimate now when that would be, rather than trying to further extend or get a new life policy later.

This is because money savings expert points out life insurance cover becomes much more expensive the older you get. Also, your health could change interim meaning it becomes harder to get an affordable insurance.

To cover a partner they suggest it should last until the year you expect to reach your pensionable age, whether that is state pension or private pension. Do not feel obliged to cover a round number of years eg;policies can be for 17 years, rather than 20 years.

As financial advisers, we concur with some of these pointers raised by MSE. However, life is not as simple financially as children just finishing their education. Many families may find that their children may not leave home now for several years after this, due to expensive private rental costs, or say saving for a deposit on a first time home.

As such, consider that if you only just took the life insurance cover until the children were aged 18, had finished their schooling but were still living at home, when their parent suddenly dies. Financially, the impact would still be felt.

However, let's examine & expand on a few of these Martin Lewis how to save money points in this article and what I think is the importance of getting professional advice.

*If you do not have dependants (so you don't need life insurance)?

'MSE life insurance' says if there is no one you would want the money to go to, then do not bother. Equally, they also say if you do have dependants' but there would be little financial impact if you died, then you still might not need any policy cover.

But if you help pay the regular bills, the mortgage, bring up kids, food shopping and more would be a struggle, then life insurance is often a cheap way to solve that.

We would comment as financial advisers, that although you maybe single or may have no immediate dependants currently, you could also still have a mortgage or various ongoing debts & unpaid bills.

This means it could then leave your wider family struggling to cope with the financial burdens you have now left. If you sadly died with certain money problems like say even paying for a proper funeral to now deal with.

Then further stress re creditor claims against the estate from the either the mortgage company, credit card or loan company etc; You may then ask that (even if you are single) is that fair & what you would want for your wider family?

Martin Lewis | 'MoneySavingExpert Life Insurance' Review

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Watch Martin Lewis Life Insurance This Morning - Guide Podcast >>

Money Saving Expert Martin Lewis website is always speaking about saving costs & getting the best value, or cheapest deals.

Whilst this may seem true, the online life insurance marketplace is such that often buying what appears to be the cheapest, sometimes could work out the most expensive, in more ways than one.

People look up to him, searching to get his 'best life insurance uk martin lewis' wisdom & tips. Noting that as he is not an adviser, so MSE and Martin Lewis compares the market but does not personally give advice.

So firstly for money saving expert best life insurance hints, let's look at the 3 main ways you can buy life insurance.

'Martin Lewis Compare the Market' when buying Life Insurance?

1] Execution Only Sales

Money Saving Expert attempts to educate people about many financial matters. Apart from going direct to the various Insurers, they suggest the cheapest life insurance option is via an online 'execution only' discount broker. Note: Martin Lewis life insurance quote that here, you must pay a fee first to that Company to access their services eg; MSE recommend either using Cavendish online, Moneyworld, Moneyminder.

However, note cheapest here means you also won't get any advice or be speaking to anyone ie; No comeback if what was chosen by yourself, direct via their website, was not appropriate to your ongoing situation so probably no real rights if you feel your were mis-sold.

For example, you do not include waiver of premium onto your protection policy to cover your plan being self employed & are then off work with a long term illness.

2] Non-Advised Guidance

Then there are also other life insurance sales agents they mention who may operate as FCA regulated brokers but via non-advised sales'. Now this part gets abit more confusing.

Although you are now speaking to someone about your life insurance enquiry this time, actually again you won't be getting any advice.

You only just get information & guidance from their Sales Agent for you (not them) to make a more informed decision on the policies available you have then chosen to take out ie; No real comeback if your chosen plan was later found inappropriate to your longer term needs.

For example, you take out a mortgage protection term policy but are aware in the near future you may switch over to an interest only style mortgage. However, they don't ask you these types of questions.

Again unlikely to have any real comeback if you feel you were mis-sold, as you had no advice just guidance, unless there was a breach of certain rules which authorised firms are required to follow & didn't adhere to.

There are plenty of large Life Insurance Brokers online offering 'information guidance only.' eg; Reassured, Lifesure & Protect Line, mainly operate via non-advised sales.

3] Advice

Finally, there are 'advised brokers or financial advisers', who as the name implies give advice. The Financial Adviser will fully assess your own personal situation, then document this to you in your demands & needs report. They will advise you after their research why they recommended the particular Insurers plans & benefits.

They can either cover & address every aspect of protection needs or alternatively just look at a few particular areas eg; you just wanted to discuss both your family life insurance & mortgage critical illness protection shortfalls for now.

Later down the line, budget permitting, your adviser could then re-look into any highlighted income protection shortfalls.

There are plenty of Life Insurance Brokers online offering advice & MSE recommend several that also offer incentives & vouchers like either Activequote, Assured Futures, Lifesearch.

Martin Lewis Mis-sold Life Insurance?

So looking at these 3 different ways you can actually buy life insurance MSE points out (if you feel you were mis sold an insurance policy here) we say realistically you may also have a better chance of redress for miss selling from any FSCS complaints IF you had actually received financial advice, rather than no advice at all.

Note: The Financial Services Compensation Scheme (FSCS) also state that not all types of financial products & services are protected by FSCS.

They also state there are historical time frames for claiming on here if you are being mis-sold life insurance. Learn more about when FSCS cover is triggered if you feel you were miss sold life insurance.

'Martin Lewis Comparison Site' Review

'martin lewis comparison site' review

Compare the Market Martin Lewis on Comparison Websites?

In their reviews on life insurance MSE Martin Lewis comparison website are not really mentioned in depth ie; No side by side analysis re Martin Lewis best comparison sites commented on.

The MSE Martin Lewis comparison site survey however checked instead if you could get any cheap deal freebies via the 'Compare the Market website'.

They were looking to access their Meerkat Movies & meal deals via their cheapest products online off their comparison website ie; including eligible life insurance, health, over-50s' or income protection but not eligible business life insurance.

Compare the Market Martin Lewis MSE wasn't necessarily encouraging you to use these policies (to access any freebies), as they may not provide the cover you need. Their conclusion here was that maybe buying travel insurance for £1 was an option.

Note: they do point out that for other types of insurance, if you have used a comparison site to your search for cheaper insurance - you may have noticed it has left a mark on your credit history file.

Life insurance per se does not impact your credit score for any regular monthly payments (unlike other types of insurance). As such, it will not show up on your credit report if just checking out comparison websites ie; if you have a poor credit history.

Insurers & Brokers for money laundering purposes may however do a soft credit check as part of their process to verify your identity. These soft checks will show up on your report, but will not have any credit effect.

We would also comment like Money Savings Expert that putting incorrect details into any comparison website may well return in correct information & results.

For example, you incorrectly put in your date of birth by a few days, months or years whilst clicking away online on any comparison website doing quotes.

This can be because you didn't want to be contacted? However, you have now affected the prices quoted, hiked the premiums up or down, and potentially invalidated your cover if you applied.

"Martin Lewis Life Insurance" Review July 2024

For the best life insurance uk martin lewis says if you do pick up the phone to speak to any of these companies before you buy, make sure you're clear on whether you're getting any 'advice' or just 'information guidance'.

So Martin Lewis how to save money on life insurance? Well, re no advice or using life insurance brokers Martin Lewis leaves that thought with you, which of these above 3 services maybe more appropriate to you & your family.

Generally, any broker commission cost of services are paid direct from the Insurers. So for you as the customer, these are usually same for either a 'fully advised' or 'non advised' guidance purchase.

Review: MSE Martin Lewis Life Insurance News

Life Insurance Advice

Martin Lewis Working from Home | MSE Life Insurance Advice

More of us due to the recent Pandemic are now working from home. Martin Lewis Money Saving Expert tip is if you do, then you can potentially claim or offset upto 2 years tax relief eg; home gas, electric, broadband % of these bills for doing so in his blog (and he explains how).

His usually informative blogs gives lots of financial advice about money saving tips you or me may not be aware of. Or in other words, we take on board his wide knowledgeable advice.

Let's look at how professional advice can be important in buying Life Insurance. These come from having helped many clients for over 25 years or the last 15 years over the phone or zoom. 


10 Broker Top Tips: Buying Life Insurance 2024

  1. 5 reasons NOT to use Banks for Life Insurance
  2. Mortgage Brokers NOT Independant for Life Insurance
  3. The Insurers Jargon
  4. Disclosure and Misrepresentation
  5. Wills, Trusts, Power of Attorney and the 3 D's
  6. Low Start Policies, Health assessed plans & guaranteed
  7. Waiver of Premium
  8. Declined a Life Insurance Deal
  9. Critical illness v Terminal Illness
  10. 2nd Medical Opinion

1) quotation life insurance 5 Reasons NOT to use Banks for Life Insurance 

1] No Choice? Often tied to just 1 Insurer for their Life Insurance products eg; Barclays & TSB Bank just use Legal & General. NatWest just use AIG. Lloyds & Halifax just use Scottish Widows

2] Declined Cover? May decline you for a disclosed pre-existing medical problem by that Insurer only - However, other Providers could see you as a lesser risk & possibly offer terms

3] Charged More? Could increase your premiums if you have any Health Issues via their 'chosen Insurer' - A life insurance broker can shop around to maybe get you a standard rate price

4] Cost? May charge more for their Life Insurers products by adding on 'their margin' or overhead - than via a Broker who may shop around to offer another Insurers product for less

5] Limited Choice? They only offer just a few Basic products from that 1 Insurers wider range & that are simple to sell - An advised life insurance agent may offer you a much wider range.

A broker can search the marketplace and look for a more specialized Insurer that could help you get covered. Ignore FREE GIFTS because there is no such thing as free lunch.

By going direct to a bank, you may pay the price for perhaps not using the brokers time & professional expertise.

2) quotation life insurance Mortgage Brokers NOT Independent for Life Insurance? 

In fact, even if you approached an independent mortgage broker, you may assume they are also independent then for offering protection insurance ? Martin Lewis on Mortgages says that can be wrong.

Martin Lewis says be careful when buying protection insurance from your mortgage broker here. It's common for a mortgage broker to offer whole of market mortgage advice, but then be tied to a single, or limited panel of insurers.

He says they may not be able to get you the best-priced policy on the different types of mortgage life insurance protection. Or just look to cover an equity release lifetime mortgage.

Is your Mortgage Broker | Bank | Building Society 'Independant for Life Insurance' ?

3) quotation life insurance The Insurers Jargon

Most Insurers online applications can be quite difficult to navigate. They ask many different questions both personal & family health, lifestyle, occupation plus legal jargon that you may or may not initially grasp.

Unlike Martin Lewis Money Saver Expert, you probably won't have years of experience in dealing with a range of complex financial matters.

Should your new life insurance plan be set up as relevant life, convertible or renewable, waiver of premium, have accelerated or additional critical illness, be own or suited occupation, a high or low decreasing loan rate, be setup into a discretionary split or fixed trust, maybe owned by life of another ?

Most Life Insurers ask lots & lots of questions on their lengthy application forms, to fully understand the risks of insuring you. Some may combine all their medical terminology questions under one main heading, rather than split. So it's easy to rush things and not think when responding to them with just their block Yes/No answer.

Is the policy cover within an Insurers total underwriting limits or not ? Will you need a microscopic urinalysis medical nurse screening and blood pressure checks ? If so, how is an application affected if you suffer white coat syndrome ? What does all this Insurers jargon stuff mean anyway ?

winston churchill re life insurance martin lewis blog
Winston Churchill the Great Statesman quotes - another great advocate like Martin Lewis on Life Insurance benefits

Martin Lewis advice is always, if unsure, let a professional adviser who spends their business days helping people, take you through the Insurers maze of forms & their complex underwriting process.

It also means addressing the elephant in the room. Are you reading & answering accurately all the Insurers questions for full and correct disclosure about yourself ?

4) quotation life insurance Disclosure and Misrepresentation

How will the Insurers even know if I just smoke the odd cigarette a week or maybe occasionally vape, when their 'smoker rate premiums' are so much more expensive - if I tell them I don't ?

What happens if I didn't tell the Insurer about having any familial disease, what ever that means ? We just need to get the life insurance policy issued immediately, as we are going on holiday. I don't usually bother seeing a doctor but I am sure everything is all okay, so I don't need to worry.

The Insurer may not necessarily request any medical health tests or write to your GP upfront, to query your application when you apply. However, they will probably do so if a claim comes in to fully assess the validity of your situation.

Did you actually complete the application online. Or, was it done by a spouse, partner, 3rd party and maybe even without your consent? If so, is this being used as abuse or even financial fraud.

If buying any type of insurance, it is always based upon all parties honest disclosure at the time of application.

Life Insurance Disclosure & how to save money on Martin Lewis life insurance

Note: The Insurers should always send you a copy application of what you initially disclosed, for you to then carefully recheck. If you think anything is wrong, then you need to advise them asap.

The original death certificate once requested by the Insurers may then highlight that it was caused by 'smoking related factors.' Alternatively, it may point to the fact that a heart attack from someone at such an early age in their 40's was likely due to their 'hereditary health history' issue of familial heart disease.

The last thing your family would ever want, at their worst moments, is to have to be told by the Insurer the death insurance claim is now sadly invalid. That the information you gave at the time was found inaccurate ie; misrepresentation.

Remember, if you are paying say £22pm to 'correctly insure' or just £10pm 'maybe incorrectly' for £250,000 life insurance, then who has the GREATER RISK? The Insurance Company who may have to pay out a large death claim .....or your Family because they unfortunately didn't !!! unhappy face

The Financial Services Ombudsman can if requested look into a misrepresentation claim. They will check if an Insurers questions were fair & accurate eg; Have you smoked or used any type of cigarettes or tobacco products, nicotine replacements or vaped, wether or not these contains nicotine, in last 12 months ? Yes/No.

Would the Insurers have acted differently if given accurate information at the time of application and been fair in the way they handled any misrepresentation re any non disclosure.

Note: One Survey said on average 1/5 people believed that UK Insurers will try to avoid paying out. In reality, the rate of successful protection insurance claims is getting better, not worse. The ABI* state over 97% of all types of life insurance claims are paid on average across major UK insurers ie; don't be that 3%

The simple answer is tell the truth, the whole truth & nothing but the truth... otherwise it may not payout !

Life Insurance the most 'Valuable Purchase' you have after Property ?

A recent survey by an Australian financial website showed that where their financial adviser was involved giving advice, a claim payout was as high as 96%. However, where an individual had applied themselves on a ‘non-advised basis’ it was as low as 61%. Note: Most UK Insurers claim payouts may average over 98% overall for Protection Products in 2019* but in certain areas this average can be as low as 71%.

5) quotation life insurance Wills, Trusts, Power Of Attorney and the 3 D's

Martin Lewis in one of his MSE News articles says I've got something unpleasant to tell you.

Being hit by one of the 3 D's (Death, Divorce or Dementia), can then spell Disaster.

He mentions how he was approached at a show by 3 bereaved women all in their 40's & 50's consecutively, whose husbands had 'spared them the problem' of dealing with their family finances. He says over 60% of couples say just one person usually deals with all their home's money issues.

One lady, whose husband had recently died hadn't made a will. So, she couldn't access 'his' money to pay 'their' mortgage. At least they were married, it gets alot more complicated if you are unmarried and have children. According to the COOP Legal Services, 60% of people have not yet made a will and those legal + financial implications of not doing so, for rules on death & intestacy. Again, don't just assume that your partner or your family will all inherit everything. It could be the tax man may also benefit unhappy face so always seek professional advice.

If you're reading this, you may be that one person, so for everyone's peace of mind we always advise you to make an upto date will. Likewise, if you are getting divorced, then it probably makes even more sense to review your will.

Lewis Martin Money | Make a will

If taking out a life insurance policy, don't assume it will immediately or simply just go to your loved ones if you died, even if the policy is in joint names. If the policy is not setup into a trust or the policy owned by another person, it can still fall back into your estate eg; you both died together.

Simply put, the Life Insurance Company may have no legal direction from you who to payout the proceeds to upon a claim.

It could still then be subject to probate delays and also inheritance tax (IHT) on the proceeds (currently 40%). Most Insurers often provide standard life insurance trust forms for free to help avoid IHT, but again always seek professional advice for any complex personal legal & financial matters.

Some people also assume that if they have a life insurance in trust, they then don't need to also make a will. These areas are all hot topics as discussed in MSE Forums and can all be a very expensive mistake and wrong.

Do your Debts REALLY die with you? 

Martin points out it's often said that "when you die, all your debts die with you". But as he says, it can be a common misconception for all, so it can be a little more tricky than that.

If your wife or partner are JOINTLY responsible for any debts (eg, a joint mortgage), they'll have to make up the shortfall and become responsible for the WHOLE amount. 

However, if you owed more than your assets are worth, your debts do die with you ( ie; your beneficiaries will get nowt, but they won't be asked to pay the rest of the debt).

Alternatively, if you owed less than your assets are worth, anything you owed has to be paid off first then before any assets can go to your beneficiaries.

These issues are all compounded if you have not made a will or getting divorced. The bereavement advice centre is useful source of help.

Dementia & Power of Attorney

Martin points out that as 1 in 3 over-65's will sadly develop dementia, so a Power of Attorney is just as important as a will whilst alive. This means your family or a loved one could help deal with your money affairs when you can't, including any life insurance plans you may already have.

6) quotation life insurance Low start policies, Health assessed plans & Guaranteed 

A comparison or direct website shows a cheap life insurance premium & you see the word ‘guaranteed’ noted by all premiums. You may assume all the plans quoted as guaranteed are all the same. Wrong.

Some Insurers offer these Lower start policies where it says their premiums are ‘guaranteed’ but the only thing that’s guaranteed is the reviewable price will go up annually or regularly in line with an Insurers guaranteed age-based formula.

This is not a long term way on how to save money on any Martin Lewis life insurance 2022 tips or since. This could work out the most expensive policy in the end as Martin Lewis life insurance 2020 's mentions in his 'need to knows'.

There are also some Insurers like Vitality Life, that offer 'healthy living' assessed plans through regular exercise & health reviews. These reward you if you maintain a regular healthy lifestyle. However, although this is naturally a good thing, your premiums could go up as well as down ie; if you do not regularly engage with their Healthy Living programme or are unable to, your monthly premiums may then increase throughout the term of the policy.

Fixed premiums are ideally the way to go only if you prefer to operate on a fixed budget or do not want to be regularly re-assessed.

7) quotation life insurance Waiver of Premium

This extra cost benefit helps cover or 'waive' your premiums if your income is threatened through hospitalisation, accident or illness due to say cancer, heart attack or stroke. In this instance, the Insurers help pay your premiums in your recovery to ensure the policy is not cancelled & your valuable insurance cover terms remains.

On some cheap life insurance plans, waiver of premium is either not available or only after a 6 months wait, which is a long time if you have a reduced income. On some Insurers plans, waiver of premium is inclusive rather than paid for. This often ignored feature could be a game changer.

8) quotation life insurance Declined a Life Insurance Deal? 

What happens if you now had to cancel your cheap life insurance due to an illness or accident & lack of income ? Generally, experience tells us that protection insurance payments are the first thing to go in this situation, when finances are tight. Once recovered, you naturally then try to get more cover later on. You search online only to find that either the Insurers have now substantially health rated your premium costs or even perhaps declined a future underwritten insurance policy.

Alternatively, you have actually just been declined life insurance by an Insurer eg; adverse health issues for plus size and reading this article. The question is, did you just initially approach that 1 single Insurer via say your bank ? If so, then perhaps the better approach now is to seek advice.

9) quotation life insurance Critical Illness v Terminal Illness

Your existing policy includes 'critical illness' benefit, which sounds like the same as 'terminal illness' benefit. You look online & see much cheaper premiums for a policy with terminal illness, which you think has the same meaning.

So you go ahead and cancel your old critical illness plan. Only upon being diagnosed with a cancer, heart attack, MS or stroke do you then sadly find out that your old critical illness plan may then have actually paid out. Your new plan may only payout if you are diagnosed terminally ill ie; have less than 12 months to live, so you receive no payment. Martyn says people can misunderstand insurers jargon terminology.

Note; To include Critical Illness benefit onto your policy is on average 4 x the price of life insurance. Terminal illness is usually included for free. (read next section for more)

10) quotation life insurance 2nd Medical Opinion

Many UK Insurers protection insurance plans now include a parcel of free additional 'value added services'. However, not all customers are aware of these free to use extras, as they maybe listed deep within the Insurers various key facts documents. These maybe available to all protection policy holders, whether that is life insurance, income protection, critical illness or private health cover.

One important benefit that could be a life saver, is having a 'second medical opinion'. Claimant customers or sometimes even their dependants, are offered the opportunity to speak to a medical expert professional from one of the Insurers preferred partners. The 2nd medical opinion service usually covers most medical conditions, including cancers, heart & cardiovascular, plus strokes and mental health issues.

Claimants do not usually have to pay any fees, or contribute towards the costs of their consultation and/or any follow-up appointment if needed.

Those who opt to use the Insurers 2nd medical opinion services, would then be matched up with a UK-based consultant who is best placed to offer advice and to review their medical diagnosis. 

After investigations and/or review of the claimant’s medical records, the consultant would then provide a report and offer any follow-up appointment. This could be either face-to-face, via video or over the phone, to help with any unanswered questions about their condition or their treatment options. 

So, if you are unsure whether you have been diagnosed correctly for a health condition, that is just not going away and unsure what to do? Then, please check out your insurance policies additional benefit services to see if you can access this potentially free life saving service.


What Types of Life Insurance Policy: Martin Lewis?

Martin Lewis Types of Life Insurance 2020 s | Martin Lewis Life Insurance 2021 hints & tips

Well firstly, Martin Lewis 💯'100% recommends Life Insurance spends', particularly IF you have reliant financial dependants whether they're young or old.

Martin says 'Thinking about how your family may cope financially if you were to die isn't a very cheerful topic, BUT it is an Important One'. 

MoneySavingExpert put simply comments that when looking at the various life insurance types they have reviewed, they very much do the same sorts of job role in that respect.

Their aim is to help give financial support if you were to sadly die to those you leave behind, and a death claim was then made by someone on your behalf.

In a nutshell, dependant on the life insurance policy type, is to try and prevent that loss of your income from then causing an ongoing money crisis.

Money Saving Expert rightly says on life insurance, 'it is something for every parent, partner, or someone with dependants to consider.'

What does Martin Lewis recommend on Life Insurance Types?

Money Saving Expert have touched upon in their various reviews, some of the 6 key personal life insurance types that are available in the UK. Whether that is a full review, or just lightly brushed over.

So from an MSE in-depth review on either types of cheap life insurance for mortgage or family, critical illness cover, over-50's life insurance or more, Martin Lewis compare the market view.

Maybe in the future, some of those other life insurance types & topics will be explored further in detail, should Martin Lewis and his MoneySavingExpert team wish to do specific individual articles upon them.

That will be helpful to everyone, as the more information there is available by MSE on what they recommend on the benefits and types of life insurance by Martin Lewis and their UK team, the better off many will be informed as to their importance.

Ultimately MSE says, it is💯'100% upto you whether life insurance is right for you'.

As brokers, we have also added our FCA regulated adviser comments to their pointers, and overview some of the Pro's & Cons of these different life insurance types, jargon and associated benefits.

Note: 'They say' means MSE Money Saving Expert opinions and 'We say' means our professional brokers opinions from the team at UK Life Insurance Quotes.

FAQ Types of Life Insurance Martin Lewis MSE


*Level Term Insurance (level payout) Go Button

They say - This is a policy type that pays out a set lump sum if you were to die whilst still in force (usually upto age 80)

We say - Its cheap because its level term, not inflation linked life cover, over the set term (maximum upto age 90) then it ends & with usually NO cash in surrender values

*Index Linked Life Insurance RPI (cover increases) Go Button

They say - Insure 10 X Salary Rule of thumb annual income of the highest earner. This may seem high, but it's likely to leave enough money (after the impact of inflation)

We say - With the rising costs of living, a level term life insurance may NOT be sufficient to offset inflationary expenses & increasing bills into the future

*Decreasing Term Insurance (mortgage protection reduces) Go Button

They say - Designed to cover your mortgage balance if you were to die during its term, so the amount covered for decreases in line with your mortgage debt

We say - To insure any repayment mortgage balance is fully repaid over the term, check the mortgage protection plan IS setup initially with a sufficient policy loan rate

*Family Income Benefit (FIB) Insurance (income not lump sum) Go Button

They say - Its cheaper & provides an annual tax-free payment for the length of the FIB policy term if you were to die whilst still in force

We say - FIB insurance death payout period reduces over the term, so that if you died with say 2 years left on the plan, IT will just payout that remaining balance upon claim upto the 2 year end

*Guaranteed Premium Insurance (costs stay fixed) Go Button

They say - The policy premiums are guaranteed means your insurer will never change the price, so you will know what you're paying over the policy life

We say - Agree with MSE & because these premiums types are guaranteed, the younger you are, the better that longer term fixed price deal you may get

*Age-Costed Insurance (reviewable) Go Button

They say - These policies have reviewable premiums, which cost less at first, but your insurer can hike costs later on, meaning a cheap deal can potentially become costly as you age

We say - Beware insurers still may call their cheapest premium deals guaranteed, but if age life costed SO then follow that insurers guaranteed annual price increase formula

*Joint Life Insurance (payout on 1'st / 2'nd death) Go Button

They say - A joint policy is also known as 'couples insurance', 'partners insurance' or 'first-to-die' life insurance. If you were to later split with your partner, a new single policy could be more expensive as it would be based on your new age & health. 

We say - Some insurers give the FREE option of splitting your joint life cover into 2 x individual plans ie; if you separate or rearranged your mortgage into sole name (without medical evidence)

*Multi-Policy Insurance (plan discounts ) Go Button

They say - MSE don't mention this area in their 'how to slash the cost of life insurance quotes' reviews

We say - As brokers sometimes its better value to get a multi-plan discount via the same insurers, for say both family life cover & mortgage protection plus it can also make claim paperwork a little easier

*Life Insurance in Trust (avoids Taxman) Go Button

They say - Life policy written in trust, means insurers pay out directly to dependants, so it never becomes part of the estate, which helps avoids IHT inheritance tax & often speeds up payout

We say - Some people we find as brokers THINK because they have already made a will, putting their life insurance into trust is then not also necessary, so wrongly in error don't bother for IHT

*Life Insurance Pre-Existing Health Issues (disclose all) Go Button

They say - Importantly be open & honest with any information you provide to insure so it will cover you if the worst were to happen & your dependants needed to make a claim

We say - Tell the Insurers THE truth, the whole truth & nothing but the truth upfront, (even if the premiums are health-rated for plus size) OR it might not payout & cause your family more distress at the worst possible times

*Life Insurance Declined (shop around) Go Button

They say - MSE don't mention this area in their 'how to slash the cost of life insurance quotes' reviews

We say - This maybe someone whose approached one insurer direct with some medical conditions, so best now to speak a specialist broker & get advice with their life insurance expertise

*Life Insurance Better Health Changes (save money) Go Button

They say - For example you've quit smoking for a while, or no longer have a risky job. Non-smokers may now pay a lot less than smokers, so means health risks are less likely to die during the term

We say - We agree with MSE, but don't be tempted to lie here. If you died and it is THEN discovered you had still been a smoker eg; vaping or nicotine patches instead of cigarettes. It could invalidate the life policy

*Life Insurance Direct (bought via a bank, insurer or website) Go Button

They say - If you took out a life policy without advice direct via your bank, an insurer or website but not getting multiple quotes first, it is likely you could stand to save from switching policies

We say - Best as long as there are no major changes or better health since, then YES it is worth comparing cheaper broker deals & often even against those same Insurer plans you maybe with already

*Life Insurance Advised (bought via adviser) Go Button

They say - Best if you are not sure what kind of life policy you want or need, or you have some medical conditions, so wish to speak & get advice via a life insurance expert

We say - Agree with MSE, this is the best route IF like many people you may never have bought of £1,000's of life insurance before, so unsure what your best brokers policy or approach

*Over-50's Life Cover (no medical information) Go Button

They say - It's guaranteed acceptance, so there's no investment risk but Over-50's is also much more expensive & there is a initial waiting period

We say - Agree with Martin Lewis say on Over 50's life cover, is often only useful ideally IF you are in much poorer health & with maybe reduced life expectancy

*Over 60 Life Insurance (no medical information) Go Button

They say - MSE don't mention Over 60's life insurance age groups in their reviews, but similar comments apply as Over-50 cover no medicals being more expensive with initial waiting periods

We say - As Martin Lewis on Over 50s plans any Seniors Over 60 life insurance type maybe a good bet ideally IF in poorer health & reduced life expectancy

*Whole of Life Insurance (medical information required) Go Button

They say - Often (but not always) investment-linked whole life policies mainly used to mitigate inheritance tax

We say - IF in average to good health, guaranteed full or whole life cover, maybe better value after full medical underwriting versus no medical Over-50's lifecover & for a range of protection uses

*Death In Service (employee benefits) Go Button

They say - If employed, you may benefit from free 'death-in-service' cover. This pays out X multiple of annual salary eg; typically 4 x whilst you're an employee of that company

We say - Some people just use death in service lifecover to then TRY & 100% fully insure both their mortgage, family & all dependants ie; it's usually not enough & you may need more life cover

*Critical Illness Cover (pays upon diagnosis) Go Button

They say - Critical illness cover pays out a lump sum tax free if you are diagnosed with ONE of the 'critical illnesses' it covers. Check if your work offers you this group benefit.

We say - Don't confuse critical illness cover with FREE Terminal Illness cover, as serious critical illness is a paid for benefit

*Terminal Illness Cover (free benefit) Go Button

They say - MSE don't mention this in their reviews but it is usually a free rider benefit on level term insurance types, and subject to T&C's

We say - Terminal Illness insurance cover pays out up front IF diagnosed less than 12 months to live ie; an earlier death claim on the life insurance policy

*Guaranteed Insurability (rider benefit) Go Button

They say - MSE don't mention this in their reviews but it is often a free rider benefit on level term insurance, subject to T&C's

We say - This may allow you to increase life cover upto a set level for certain life change events (without medical evidence) eg; marriage, child birth, mortgage increase

*Waiver of Premium (protects policy premiums) Go Button

They say - MSE don't mention this in their reviews but it is often a paid for rider benefit on types of life insurance

We say - Premium waiver benefit is a valuable option if unable to work long term due to serious illness, accident or disability to help keep the life insurance policy premiums going

*Income Protection Insurance (income not lump sum) Go Button

They say - Pays out on greater range of illnesses, an income if unable to work due to illness or disability for a set period (generally a year or two)

We say - You can take out income protection benefit claim for the full term & NOT just one year or two years per any claim period & it pays out tax free income

*Works Contractual Sick Leave (employees) Go Button

They say - Sometimes contractually part of the work benefits scheme & you can't get both contractual sick pay & statutory sick pay at the same time. 

We say - This could be 3/6 months full pay maybe 3/6 months half pay, THEN just statutory sick pay or other government benefits thereafter. Check if you have group income protection

*Statutory Sickpay (government benefit) Go Button

They say - State Benefits weekly amount paid by UK employers to employees who are off work due to illness for up to 28 weeks. 

We say - This probably could be insufficient income benefit for most people to even live off & provide for their families. You may need income protection

*Accident Sickness &/or Unemployment ASU (short term cover) Go Button

They say - Pays out as it says on the tin, the ASU / MPPI cover will pay out an agreed sum for a set period in the event of an accident, sickness or unemployment for say mortgage or payments protection

We say - Unlike Income Protection benefit claim which can be paid tax free for the full term NOT just one year or two per any claim and based on your overall salary not restricted to mortgage payment or bills

*Life Insurance Rewards (valuable benefits) Go Button

They say - MSE don't mention this in their reviews but there are often many free rider benefit on UK Insurers policies and all subject to T&C's

We say - These FREE umbrella policy services can vary between insurers but are often supported by respected & established health brands like BUPA, Square Health & Red Arc

For example: Complimentary access to 2'nd Medical Opinion from Best Doctors®, 24/7 GP Consultations Online or Phone, Prescription Services, Mental Health Nurse Support, Gym Fitness Plans & Programmes, Legal Advice Member Only Helplines, Benefits & Discounts off Well Known Brands, Health Checks & Physiotherapy, Serious & Chronic Illness Support, Help with Pre-Existing Conditions, Nutrition Plans & Dietitian Advice

'Best Life Insurance Martin Lewis' Review

In conclusion again, the Martin Lewis does '100% recommend Life Insurance', especially if you have any financially dependant persons whether they're young or old.

if you are looking for the best life insurance types Martin Lewis considers appropriate, you need to take into account all these various above factors alongside his 10 x rule of thumb for insurance coverage with regards to your own individual situation.

As such, I believe does it not make good sense to also then seek fully qualified professional adviser help - if you are looking to successfully insure yourself for perhaps £¼million or £½ million or £1 million ?

This advice should then come with a fully documented report as to the 'Reasons Why' a particular insurers policy/ies, the amounts of cover & term was chosen.

So whether you were looking for Martin Lewis best life insurance tips or Martin Lewis how to save money on Life Insurance in UK

Or looking to leading insurers such as any life insurance advice Martin Lewis comparisons on say Aviva, Legal and General or Vitality Life?

Maybe more relevant, the financial advice given to you was appropriate to your own personal situation. Likewise, any shortfalls were maybe noted given the available budget.


'Martin Lewis Critical Illness Cover'

Review in 07/2024


Critical Illness Cover & Martin Lewis

'Critical Illness Cover Martin Lewis'

What does Martin Lewis say about Critical Illness Cover in 2024?

Critical Illness is a '100% Tax Free Sum' paid out by the Insurers upon survival and valid claim diagnosis of a specified critical illness. 

The chances of you or a family member being sadly diagnosed with some type of serious illness & being critically ill within your lifetime are high.

However, it is also not to be easily confused with Terminal Illness cover, which just pays out usually if you have less than 12 months to live ie; Unlikely to survive within this period and as mentioned above.

So what does Martin Lewis say about Critical Illness Cover? For 'Martin Lewis critical illness cover' he comments he is not a big fan of Critical Illness coverage policies.

He thinks this because many people believe these plans will always pay out - if you get ANY serious illness and cannot then work.

So Martin Lewis states do not think 'I am covered for cancer' of all types, as they say most critical illness policies may only cover a more limited range of cancers. He then queries, should you even take it out ?

Not exactly sure why, other than it is not a 'catch all illness' plan. So let's examine what a critical illness policy is first & then also go onto look at MSE views on income protection insurance.

Sadly the chances of you, me or anyone getting a critical illness can be quite high unfortunately. Nobody is invincible.

UK Insurers top 3 claims payout - are for specified cancers, heart disease or stroke

What's terminal illness cover Martin Lewis v Critical Illness Cover review
*Vitality Life stats | Martin Lewis advice on critical illness cover review

'Life and Critical Illness Cover Martin Lewis'

Typically therefore, by adding critical illness onto a policy it is therefore upto 4 x more expensive than life insurance alone ie; statistically you are much more likely to make a claim.

All the Leading UK Insurers do offer 'critical illness cover Martin Lewis' notes. Also check, does your employer offer you this type of cover?

Many people also buy this product when taking out a mortgage or large loan (often their biggest debt), to ensure all or some of it is repaid at your worst possible time.

Most Insurers can also include life and critical illness cover Martin Lewis would note as either a combined or seperate additional benefit, rather than just as a stand alone critical illness only benefit plan.

So for example, if you just died as a result of an accident (rather than were critically ill first) it would still payout ie; as brokers we would always say be careful what you are buying here.

Additional or buyback life insurance benefit also means if you were critically ill and made a claim, then the opportunity to still retain some ongoing life cover, rather than being potentially left uninsurable.

If reviewing the Uk Market for Best Critical Illness cover, Martin Lewis comments that these plans (unlike life insurance) do considerably vary in what benefits they offer.

However, Martin Lewis critical illness covers are all still sold as under the umbrella of a Critical illness insurance policy. Let's have a look at some typical key features & how these plans may vary.

Best Critical Illness Cover Martin Lewis | 'Martin Lewis Critical illness cover' review

UK Critical Illness Cover - Broker dealsCritical Illness Insurance - Typical Key Features

  • Basic 'cancer only' plans eg; well women female or male cancer types only
  • Some insurers may cover just 3 specified benefits eg; cancer, heart disease or stroke
  • Policies that can insure over 30+ benefits.
  • Those that offer over 60+ benefits - some with part of full payments
  • Finally, plans for over 100+ different types of critical / serious illness
  • No comments re Martin Lewis life insurance and critical illness cover as are often combined

Critical Illness Insurance - Typical Key Features

  • Insurers more comprehensive versions offers the opportunity to make multiple claims
  • They can also include Child Critical illness cover either as optional extra or inclusive benefit
  • Usually a Child Critical Illness claim (often upto age 21) will not affect the adult policy holder terms
  • Plans can have guaranteed fixed premiums ( recommended option ) or reviewable premiums
  • Policies can be setup in a sole names or a joint name 1'st claim basis. Combined lifecover and critical illness or standalone.
  • Dependant upon Insurers, their policy may also include access to cancer support, 2'nd medical opinions, Nurse support, GP 24/7, counselling & therapies. 
  • Note: Unlike Life Insurance, Critical Illness can be harder to get insured for, either due to your own health issues or any adverse family history.

What is considered a 'Critical Illness Cover Martin Lewis' asks?

So as we can see above, it seems Critical Illness cover plans all vary. From basic cancer only type schemes, to plans covering over 100+ different types of critical / serious illness.

Therefore the definition of a 'critical illness' he says can be a minefield and varies between most insurers.

Some illnesses might not be covered at all and, even if your policy does include certain cancers, it may only be specific stages that are covered.

He points out as always that it is important to read the Insurers T&Cs carefully before taking out any policy.

As such, if you are just looking for best critical illness cover Martin Lewis has made no specific comments on any policies types or styles.

Commenting as brokers, we may point out that here typically the more you spend, then often the more comprehensive the critical illness plan available, with some enabling multiple policy claims during the its time of cover.

Noting that the product wording is 'suffered a critical illness' as specified by that Insurers plan T&C's & not just a lesser form of the headline critical illness.

EXAMPLE Claim: Cancer is graded from 0-4 as explained by NHS*.

You maybe told you have Cancer stage 0, which indicates that the cancer is still where it started (in situ) or small & so fortunately hasn't spread. As such, you may not be entitled to make any full policy critical illness claim, as this is not considered to be 'critical'. A swift procedure may hopefully remove the offending cancer.

Alternatively, you maybe advised the cancer is stage 3 or 4 and so larger. It may sadly have spread to the surrounding tissues and/or the lymph nodes or to at least one other body organ (also known as "secondary" or "metastatic" cancer).

The Insurer may now consider this valid for a full critical illness claim payout. You may now require ongoing chemotherapy or radiotherapy and the resultant affect onto your lifestyle.

Critical illness cover Martin Lewis | We review best broker deals from £5pm

martin lewis critical illness

Martin Lewis Illness Critical Exclusions to watch out for?

Money Savings Expert Martin Lewis illness critical exclusions he rightly points out that there are often stipulations where a critical illness policy may not pay out at all. These exclusions will all vary between Insurers schemes, from budget to comprehensive policies .

This can include the severity of any illnesses you need to be diagnosed with to make a valid claim ie; as mentioned above re a cancer staging, where some schemes may not payout fully but confusingly some severity based plans will allow a partial claim.

Or a requirement for example to be diagnosed with permanent ongoing symptoms to be allowed to make a valid claim on the insurance policy, not just temporary symptoms eg; permanent blindness or deafness.

Some insurers could also withdraw offering you cover for certain critical illness conditions ie; if you were aware of these symptoms before taking out the policy or after you reach a certain age.

In addition, Martin Lewis illness critical policies will also exclude claims where he says is a direct result of any self-harm, alcohol and/or drug abuse, or from taking part in risky or extreme sports.

They also point out that are usually some time limits in place too. For example, some not being able to claim in the first 90 days of the policy or the claim being rejected if you were to die within a month of being diagnosed with a critical illness ie; If you did not also include any lifecover within the policy. 

early cancer detection can save a life | Martin Lewis on Critical Illness
Seek Help - Get an Early Diagnosis >

Martin Lewis Critical Illness Conclusion

As such, despite what Martin Lewis critical illness insurance for Money Saving Expert comments, I believe they are an important protection to have in your back up family or mortgage protection plans. eg; pay off all or some of your mortgage if you are critically ill.

So is critical illness insurance worth it Martin Lewis asks? For some people, critical illness cover Martin Lewis points out that picking a good critical or serious illness policy would take a doctor and financial nerd combined.

However, as mentioned nearly 70% of Insurers claims payout are for specified cancers, heart disease or stroke. So ensure that as a minimum these 3 benefits are covered. Most Insurers now abide by ABI minimum standards guide.

Martin Lewis says never blindly go with any policy offered to you via your bank or direct with an insurer, as this can be the most expensive way.

As always, he recommends either Getting advice via a broker – 'best if you need help choosing' or Buying via a discount broker – 'best if you know exactly what policy you want'.

So we both recommend if you are thinking of taking out a new plan or considering swapping insurers and are confused, Martin Lewis how to save money tip is usually if unsure, always seek professional broker advice.


'Martin Lewis Income Protection Insurance'

Review in 07/2024

Martin Lewis on Income Protection Insurance review

'Income Protection Insurance Martin Lewis'

What does Martin Lewis say about Income Protection in 2024?

What does Martin Lewis say about Income Protection Insurance in 2024? Well, as critical illness is not a catch all sickness policy, instead the money saving expert Martin Lewis recommends looking at income protection insurance.

This sickpay insurance plan also known as Permanent Health Insurance (PHI) provides a tax free regular income, over the longer term (rather than tax free sum upon a specified critical illness). It pays instead upon diagnosis of any sickness, accident or hospitalisation and that may realistically prevent you from working.

However, strangely on income protection insurance Martin Lewis MSE, they don't go indepth into this topic on their website other than say it generally includes a greater range of illnesses than critical illness cover, but it can be more expensive.

Insurers vary again here with their offerings but some can cover upto 65% of your gross salary or if self employed your net income. When it comes to deciding between the two types of insurance, as usual they remark it could be worth getting advice.

If you are self employed, then the buck usually stops with you if off sick. If employed, then perhaps your employer offers discretionary cover for 3/6 months or maybe it's just statutory sickpay only?

Don't expect Government support to fully step in after this & cover all your lost income, State Benefits are often usually less than £100pw. During the recent Pandemic for example, money saving expert explained the support available to you.

PHI Income Protection Insurance QuoteIncome Protection PHI Insurance - Typical Key Features

  • It is paid out tax free on a valid claim. Some Insurers may cover upto 65% of Income & some less (ie; shop around)
  • There is an initial waiting deferred period of usually 1 or 2/3/6/12 months ie; based around any work employer sickpay or your savings
  • PHI should be ideally setup as by being unable to do your 'own occupation' job role
  • However, some Insurers plans may only offer terms upon 'suited occupation' or 'any occupation'
  • This means they think you maybe able to still do another similar job role or even any job role, so will not pay out ie; these latter 2 PHI versions ideally should be taken out only as a last resort
  • Income Protection benefit is then paid until either you go back to work, maybe never go back & the end of the plan at your retirement age
  • Alternatively, cheaper budget options are available as upto 1/2/5 years per claim.
  • Plans can be fixed premiums or alternatively cheaper age-cost banded reviewable premiums (which tend to be offered by Friendly Societies)
  • You can choose level benefit cover or inflation proofed
  • Waiver of premium should ideally be inclusive for PHI & not paid for
  • Note: The Pandemic meant for some Insurers their shorter wait periods of say 1 week, were no longer available. This situation remains fluid.

State Benefits & Income Protection

The state benefits & income protection link often can depend on the Insurers policy T&Cs and their view on this subject.

Some insurers won’t take state benefits into account, and payout full income protection payments, plus allowing you to also fully claim on any state benefits. Others however won't we find as brokers - so be aware here if not getting any advice.

For example, if you are off sick and then claimed on both your income protection policy & state benefits, some insurers may then take all your total claimed benefits into account. This may include things such as any Statutory Sick Pay (SSP) or Universal Credit as well you maybe claimed.

As such, these state benefits may impact whether you qualify for the full income protection insurance payments as well eg; Your policy is for £2,000pm (but you also now claim £450pm state benefits) so they pay instead £1,550pm rather than you getting £2,450pm.

'Martin Lewis Income Protection Insurance' Conclusion

I agree with Martin Lewis, income protection is a valuable back up plan to help protect your family breadwinners. The money making machine that is us, can break down.

Budgets permitting, it should ideally also run alongside critical illness cover. This means you could potentially receive both a tax free income & lump sum if you were seriously ill.

PHI income protection insurance money saving expert don't point out is not to be confused with other types of general insurance like MPPI, personal accident, sickness, optical, health or hospital benefits.

These may just payout 1 year to cover mortgage payments or varying lump sums or benefits upon a claim. These plans can be just annual contracts plus subject to insurance premium tax IPT.

Income protection review MSE Martin Lewis

'Income Protection Insurance Money Saving Expert' Review

Because all your Family needs all your Income

Note: with Income Protection PHI you cannot be better off sick than well. For example, you get an ongoing income from your employer if you were off sick & that would still continue.

So, if you normally earned £2,500pm, your generous employer sickpay scheme means they could pay you £2,500pm for upto 1 years long term sickness.

You therefore cannot also expect the Insurer to now payout say £1,500pm PHI claim after 4 weeks alongside plus you also still get paid as well from your work ie; get £4,000pm, so better off financially being ill with PHI.

Likewise, if your work provides you the option of group employer PHI sickpay scheme, it probably makes more sense to take out that instead, as often group cover can be better value.

Is Income Protection worth it?

So people after reading any comments re 'income protection insurance Martin Lewis' views, this topic is often debated in the various money saving expert income protection insurance MSE Forums - is Income Protection worth it?

We say as brokers firstly YES. You may reply however NO because it's often not cheap, if you are just comparing it solely against the cost of life insurance. BUT it could be your vital back up plan, as state benefits are often insufficient to fully protect your family & lifestyle.

Ultimately on income protection insurance mse & as brokers we always state, please check your policy T&C's to understand what you may or may not be entitled to fully claim on - if off work through sickness.


Martin Lewis Life Insurance for Mortgage Protection

Review in 07/2024

Martin Lewis Life Insurance for Mortgage

'Martin Lewis Mortgage Life Insurance' Tips

What does Martin Lewis say on Mortgage Protection Insurance?

Importantly for MSE Martin Lewis mortgage protection he firstly ask that question... that if anybody relies on your income to help pay the mortgage, would they struggle to keep up with repayments if you were not around.

As such, a mortgage life insurance policy is a cheap way to ensure that any dependents have a financial lifeline if you are unfortunately no longer here.

So Martin Lewis mortgage life insurance guidance ultimately says, you do not have to have life insurance. However, MSE state that you will need to weigh up whether that monthly cost is worth it for you and your family, should the worst happen.

To help, here are several key points to consider Martin Lewis remarks if you think mortgage life insurance is right for you.

Martin Lewis how to save money on his money saving expert MSE website has recommended some top need to know 7 tips on Mortgage Life Insurance.

'Martin Lewis how to save money' | 7 tips on Mortgage Life Insurance

  1.  Mortgage Life Insurance can help repay your mortgage if you die
  2.  Switching Insurers MAY help slash costs
  3.  You may need it if you have dependants
  4.  Consider joint mortgage protection if the mortgage is in joint names
  5.  Make sure your policy has guaranteed fixed premiums
  6.  Write your policy in trust to help avoid tax bills on death
  7.  Quitting smoking can reduce your premiums

MSE Money Expert life insurance mortgage advice as already mentioned above, recommends when buying protection via a Mortgage Broker that they may not be the cheapest. Even if they offer whole of market mortgage advice, they can then be tied to a single, or limited panel of life insurers.

They also don't recommend buying your mortgage life insurance protection or decreasing life cover via you mortgage lender. MSE point out that

  • Mortgage life cover is a completely separate arrangement from your mortgage agreement & lender.
  • The mortgage lenders own life cover deals are often heavily price inflated
  • Likewise, you are under no legal obligation to take it via them

As always, they talk about How to slash the cost of mortgage life insurance quotes, so they recommend you shop around.

'Martin Lewis Life Insurance for Mortgage' Conclusion

Martin Lewis on Mortgages re Life Insurance comments that if you are single and with no dependants, you may not need mortgage life protection insurance cover at all. I would disagree here because as mentioned above, critical illness (often linked to mortgage life insurance) could help repay upon diagnosis often your biggest debt. 


'Over 50 Life Insurance Martin Lewis'

(Updated Review 07/2024)

Over 50's Life Insurance & Martin Lewis

What does Martin Lewis say about Over 50 life insurance in 2024?

What does Martin Lewis say about Over 50 life insurance plans with no medicals? Well, he is not a big fan of these it seems, if you are in good health BUT He does see the value if you are in poor health & with reduced life expectancy.

For Martin Lewis best Over 50 Life Insurance Money Saving Expert advice, he remarks many people waste a fortune on this 'no medical' style of policy.

So, as Financial Advisers we would agree here to some extent reviewing his comments ie; Martin Lewis life insurance over 50 uk no medical deals are not the best value out there.

This marketplace is characterised by those offering their life insurance with free gifts. Or TV adverts promoted by some well known current or past TV celebrities, like Michael Parkinson, Cilla Black or Carol Vorderman.

Commenting, Martin Lewis on Life Insurance for best over 50’s plans, he says they are often sold to you on the basis of leaving a lump sum legacy or help toward covering funeral costs.

Maybe more importantly, Martin Lewis on Over 50 Life Insurance he points out that on certain plans, you could potentially pay in more in policy premiums than the life cover value is worth.

But why overall does the MSE expert think these seniors no medical cover policies are a possible waste of your money?

Well, let's have a look at the generic differences between these 2 main types of Over 50's whole life plans.

Pro's and Con's between 'NO Medical' | 'YES Medical' Over 50's Lifecover plans

Over 50's Life Insurance
Over 50 Life Insurance 'NO MEDICAL' Info (Key Features)
Over 50's Life Insurance
Over 50 Life Insurance 'YES MEDICAL' Info (Key Features)
* Poor value for seniors if fit & healthyIdeal for seniors if fit & healthy
* Wait first 1/2 years before fully insured  Fully insured once terms agreed
* Some may include Terminal IllnessTerminal illness benefit included
* Accidental death only first 1/2 yearsFully insured once deal agreed
* Low lifecover levels availableHigher lifecover levels available
* No medical questions | No GP health checkMedical questions | Maybe GP health check
* Smoking / Vaping rates affects pricingSmoking / Vaping rates affects pricing
* Short application processLonger application process
* Good value if unfit & unhealthyLesser value if unfit & unhealthy
* Whole LifecoverWhole or Term Lifecover
* Don't want any advice Don't mind getting advice 
* Funeral Funding OptionsNo Funeral Funding
* Miss premiums & plan may endMiss premiums & plan may end
* Restricted premiums No premium restrictions
* No investment risks No investment risks on guaranteed plans
* Inflationary risks if level coverOption to index your lifecover
* 1 provider only choice Choice of Brokers marketplace
* Advertised by a CelebrityUsually not Celebrity advertised
* May get a Free Gift or PenMay not get a Free Gift or Pen
* Could pay in more than premiumsLess likely to pay in more than premiums
* No premiums after ages 90/95Premiums paid for whole of plan

'Martin Lewis Life Insurance Over 50' 2024

What does Martin Lewis say about the Best Over 50's life insurance?

Re 'Martin Lewis life insurance over 50' with no medical key facts, he says for someone with for example an already diagnosed serious medical conditions, perhaps heavy smokers, or those with raised BMI kg for plus size, then all these no medical Over 50's plans can be a good gamble.

This is because as he points out there is no medical underwriting questions (other than asking your smoker status), even though your life expectancy might be lower than for a healthy person.

However, if you are generally fit and healthy then most of these No Medical Over 50's plans Martin Lewis thinks are NOT good value. We agree, especially if compared to their equivalent Medical questions whole lifecover assurance.

BUT if you still only want Over 50's No Medical Lifecover, without advice...

'Over 50 Life Insurance Martin Lewis'

Check out this helpful 'Money Mentor' Best No Medical Over 50's Life Insurance comparison guide go_button_now

Over 50's Term Life Insurance upto age 90?

When you are looking into taking out either whole lifecover or over 50's option above, you are maybe just thinking about providing a lump sum to just pay toward a small legacy or funeral costs?

So this lifecover must payout ‘whenever you die’ and therefore as mentioned, Insurers charge accordingly for this unknown time frame.

However, for others they already have savings specifically set aside or a prepaid funeral plan. Instead, they just want to now provide their dependants with a 'backup plan for each other' and well into retirement.

Some UK Insurers could maybe provide an alternative value proposition for the over 50’s, or over 60's. Those who would just like their lifecover to last well into their retirement, to help protect their ongoing lifestyle and bills.

As brokers, we are often requested for alternatives and perhaps from people checking their likely typical average life expectancy in UK which is early 80's. Money Saving Expert comments that 'you usually can't remain covered past the age of 80' for most term insurance cover. However, although this may have applied in the past this is no longer the case, as most term cover plans can be taken upto age 90 (often via a broker only deal).

A Term life insurance upto age 90 sometimes could be as much as 1/2 the cost of a whole life insurance or Over 50’s lifecover comparison. The reason being that ‘it may not payout’ – as you could outlive the known plan time frame. eg; You live to age 99. Only some Insurers offer their life insurance terms upto to age 90, others may stop at age 85 or sooner dependant on their deals.

Term Life insurance cover also asks medical questions, so best applies as long as you are generally fit and healthy overall.

If you feel that a term life policy backup plan realistically is not needed after these ages, rather than just calculate life expectancy averages, then this could be a different alternative? 

Rather than reviewing Martin Lewis over 50s life insurance here, instead Contact us for a Comparison Term Life Insurance Quote.

So should I cancel my Over 50's plan?

For Martin Lewis life insurance over 50 plans being cancelled, he points out that the answer isn't that simple, especially if you have read the above pro's and con's.

As he points out, if you stop paying now, all your past contributions will be lost (but that is often the same principle whenever you replace any insurances). Indeed, any regular payment contracts MSE may have recommended via their Over 50's switching tips to save you money.

He also says this often depends on your health. If you've got poorer health, you can play the odds and so your existing over-50s' no medical plans can still provide valuable cover.

'Martin Lewis Will Writing' Free/Low Cost Wills Guide

Podcast Review 07/2024

Martin Lewis on This Morning: Crucially, No Will = No Say Over What Happens To Your Money & Property When You Die. PLUS Importance of Power Of Attorney. 

'Martin Lewis Free Wills for Over 55' s

MSE state that worryingly, their research suggests that more than 57% of UK adults still don't have a will.

Or in other words, making a will is one of those things that many people do put off we find as brokers. They simply don't want to think about it....& even if it's a free will Martin Lewis as he points out.

Some people perhaps believe that if you start thinking about making a will or indeed over 50's life insurance cover, it means facing up now in 2024 to whenever you are going to die. Or facing up to the subject of death, maybe some bad luck may now happen?

Why consider 'Martin Lewis Free Wills' Service?

In the UK if you die without having made a will, you could be leaving behind significant financial problems for the people you care about.

That is because as they state, a will is a legally binding document. It tells everyone what should happen to your money, property & possessions ie; your 'estate' – after you die.

Whilst looking at MSE review on the over 50 life cover marketplace, let's now look at campaigner Martin Lewis free wills for over 55 pointers. Why make a will?

MSE Wills - 6 Reasons 'Why Write a Will'?

1] You have Dependent Children:

  • If your children are under 18 then consider who would look after them?
  • Nominate official legal guardian/guardians in your will
  • Apart from having Life Insurance your estate may provide for children financially after your death

Note; If you died without a will, and there is no other person accepting any parental responsibility (then as MSE point out) it is then up to the UK courts to decide who takes care of your children😔.

The courts may not choose the people you would want, so it is essential to record your wishes in a will beforehand to avoid this difficult situation.

2] You are NOT Legally Married or in a Civil Partnership:

If you are not legally married or in a civil partnership, then do not then expect everything/anything at all to go to your partner, if you died without making will.

At the worst, this may then mean them not being able to even stay in the home you once shared.

3] You are concerned about Inheritance Tax:

If your overall estate is potentially worth more than £325,000, it could then be hit with an Inheritance Tax (IHT) bill when you die.

So 'Moneysavingexpert wills' state can also help you to avoid IHT, by for example leaving everything above the UK £325,000 IHT threshold to your spouse

Note; this is because there is currently no IHT on money & assets left to a spouse.

4] Your Individual Circumstances change:

Writing or updating your will when you marry, divorce or have children will help to ensure the right people you want will stand to benefit.

Note: Martin Lewis Money saving expert wills comments that in England & Wales (but not Scotland) any existing will is automatically cancelled (revoked) when you get married.

5] You have specified Funeral wishes:

If you know exactly what you want your funeral to be like, you can then leave specific instructions in your will.

This means that your family does not have to make the decisions or go against your wishes eg; you are buried but wanted to be cremated.

6] You own Property held Tenants in Common or Overseas:

If you own your UK property on a 'joint tenants' basis, whenever you die your ownership will currently automatically pass to that other owner under 'survivorship' rules.

However, MSE point out if you own your property on a 'tenants in common' basis, the rules of intestacy will apply (unless you have a valid will). If you own property overseas, then that countries inheritance laws may be different from the UK's.

'Martin Lewis Wills & Lasting Power of Attorney' - Podcast Review 07/2024

Which Wills Money Saving Expert says NOT ALL are regulated

BE CAREFUL: As to which wills money saving expert services you can use; MSE points out that unlike many areas of UK financial services, will-writing is currently NOT a regulated market.

This means there are a number of different ways to get a will. However, the protections you may have if something goes wrong can vary hugely, all dependant on whom writes it.

Confusingly they say that whilst will-writing itself is unregulated, because solicitors ARE regulated professionals, if you use them then you ARE covered by a range of potentially valuable protections.

BUT with other (non-lawyer) will-writing services, you do NOT have these same safeguards. With any DIY will, essentially you are on your own.

So which will writing money saving expert you use, they want to make it clear that...Who writes your will matters.

Those protections can vary hugely & any problems may not then come to light until well after your death... which could be many years later.

These 'money saving expert wills' topics are popular areas in MSE Forums on will writing.

'Power of Attorney Martin Lewis' 

Podcast Review 07/2024

'Martin Lewis Over 50 Life Insurance' Conclusion

So 'Martin Lewis Over 50 Life Insurance' review overall conclusion here is, he is not so keen on these packaged Over 50's no medical schemes. Check the above Pro's and Cons for comparison.

Over 50's no medical plans are therefore perhaps ideal for people who have serious health issues, don’t want to answer any lifestyle and health questions or just like their free gift offers.

Noting again that most no medical Over 50’s plans may usually have upto 1/2 years initial waiting period before a full death claim payout. This means if you died of natural causes during this 'initial period' they will not the full amount (just usually refund premiums plus interest), only if died due to an accident.

Any medically underwritten Over 50’s whole of life insurance (which Martin Lewis doesn't go into in great details as a full comparison here) will however potentially cover you immediately once a deal is agreed.

They usually also will offer much higher lifecover amounts and for a similar monthly cost. As brokers we see that whole life assurance is also often used for those more concerned about legacy and Inheritance Tax IHT planning. Contact us for Broker help.


'Over 60 Life Insurance Martin Lewis'?

(Update Review 07/2024)

What's Martin Lewis say on Over 60 Life Insurance 2024?

What does Martin Lewis say about Over 60 life insurance no medical questions style schemes, or indeed over sixty life insurance for silver surfers?

Interestingly, if looking for his tips on over 60 life insurance Martin Lewis doesn't comment specifically on this age band. Previously, there was often no product brand packaged & marketed at the Over 60's marketplace.

A few Insurers over the last few years have however started to market this over 60's area (as we are now living longer), marketing them as Guaranteed Sixty-Plus Life Insurance.

However, this in essence is just a rebranded no medical over 50's style scheme & usually sold direct with no advice.

However, there are still people always looking for best martin lewis over 60 life insurance cover advice, so this is an active topic in the Money Saving Expert website forum discussions.

Your 60th birthday like your 50th is usually cause for a Big Birthday celebration . Hopefully, you have many more active years left & in good health, even though you could be approaching UK retirement age.

Those in their 60's could still be in full-time employment, which is useful given the costs of living crisis 2020's affecting us all. Therefore, given the rising costs of living, you may still need to consider life insurance to protect any lost ongoing income?

However, apart from looking after their own kids financially growing up, The Bank of Mum and Dad may still need help to pay-off their own mortgage payments, outstanding debts or credit cards.

over 60 life insurance martin lewis

Can you get Life Insurance for the over 60s?

Yes, all the main UK providers offer similar life insurance cover policies to those in their 50's, so don't worry here.

However, the same Pro's and Con's comments apply for over 60's as per no medical Over 50’s life insurance quotes Martin Lewis. These issues may also apply for commenting on Martin Lewis on Over 60 life insurance (see above).

Likewise if also discussing any no medical over 65 life insurance Martin Lewis views would be similar ie; he is not a big fan it seems.

ie; Benefits of 'No Medical questions' Over 60 lifecover plans v 'medical questions or underwritten' life insurance plans.

Pro's and Con's between 'NO Medical' | 'YES Medical' Over 60's Lifecover plans

Over 60's Life Insurance
Over 50 Life Insurance 'NO MEDICAL' Info (Key Features)
Over 60's Life Insurance
Over 50 Life Insurance 'YES MEDICAL' Info (Key Features)
* Poor value if fit & healthyIdeal if fit & healthy
* Wait first 1/2 years before fully insured  Fully insured once terms agreed
* Some may include Terminal IllnessTerminal illness benefit included
* Accidental death only first 1/2 yearsFully insured once deal agreed
* Low lifecover levels availableHigher lifecover levels available
* No medical questions | No GP health checkMedical questions | Maybe GP health check
* Smoking / Vaping rates affects pricingSmoking / Vaping rates affects pricing
* Short application processLonger application process
* Good value if unfit & unhealthyLesser value if unfit & unhealthy
* Whole LifecoverWhole or Term Lifecover
* Don't want any advice Don't mind getting advice 
* Funeral Funding OptionsNo Funeral Funding
* Miss premiums & plan may endMiss premiums & plan may end
* Restricted premiums No premium restrictions
* No investment risks No investment risks on guaranteed plans
* Inflationary risks if level coverOption to index your lifecover
* 1 provider only choice Choice of Brokers marketplace
* Advertised by a CelebrityUsually not Celebrity advertised
* May get a Free Gift or PenMay not get a Free Gift or Pen
* Could pay in more than premiumsLess likely to pay in more than premiums
* No premiums after ages 90/95Premiums paid for whole of plan

Over 60's Term Life Insurance upto age 90?

As mentioned above already, if you are looking into taking out Over 60's life insurance, you maybe just want a lump sum to just pay towards your funeral or small legacy?

So this lifecover must payout 'whenever you die.' Insurers therefore charge accordingly for this 'unknown time frame'.

However, for other Over 60's they may already have a funeral plan or suitable investments set aside. Instead, they now just want to help provide their partner & family with a larger backup plan well into their retirement.

So some UK Insurers could maybe still provide you an alternative over 60's value proposition. Those who would just like their lifecover to last well into their retirement, to help protect their ongoing lifestyle and joint bills.

As brokers, we are often requested for alternatives. A Term life insurance upto age 90 sometimes could be as much as 1/2 the cost of a whole life insurance Over 60's comparison. The reason being that 'it may not payout' - as you could outlive the known plan time frame. eg; You live to age 95. Only some Insurers offer life insurance terms upto to age 90, others stop at age 85 or sooner dependant on deals.

As long as you feel that a term life policy backup plan realistically is not needed after these ages, then this could be a different over 60's alternative? Contact us for a Comparison Term Life Quote. 

'Compare Over 60's Life Insurance'

'Over 60 Life Insurance Martin Lewis' Conclusion

As mentioned already therefore, re those looking for Martin Lewis life insurance for over 60s plans advice, he is not a big fan of the packaged no medical style of life insurance.

Check the above Pro’s and Cons chart for our own Martin Lewis life insurance comparison analysis. Over 60’s no medical plans are as mentioned maybe only ideal for people who do have serious health issues.

Alternatively, some who don’t want to answer any lifestyle questions or maybe just like the idea of a free gift?

Martin Lewis on best life insurance for over 60s again should note that most no medical lifecover plans may usually have upto initial 1/2 years waiting period before any full death claim.

This means if you did die of natural causes during this ''initial period', the Insurers will not payout fully (other than usually return premiums plus interest) unless if died due to an accident.

Any full medical questions underwritten lifecover will alternatively potentially offer you cover immediately, without this 1/2 years waiting periods. These whole life plans usually also will offer much higher lifecover amounts and for a similar monthly cost. They are also often used for those concerned about Inheritance tax planning.

Martin Lewis Inheritance Tax

'Martin Lewis Inheritance Tax' says can cost you & loved ones £100's of £1000's when you die.

Inheritance Tax Money Saving Expert points out that during the previous tax year more than £7 billion worth of Inheritance Tax (IHT) was handed over to HMRC.

Yet as they rightly point out, it is possible to legally avoid large amounts of it (or possibly pay no IHT at all).

The rules around inheritance tax Martin Lewis says can be hard to understand at first, but it is important for you to get your head around this subject.

martin lewis life insurance advice
Martin Lewis Life Insurance This Morning | Inheritance Tax >>

How much is Inheritance Tax?

Inheritance tax in UK is a tax duty paid upon the 'estate' of someone who has died. How much you pay will depends on the value of the deceased's person estate.

This basic calculation is worked out based on that late person assets (ie; all their property, savings, business, assets etc;), minus any debts still outstanding.

Note: there is normally no tax to pay if:

  • The total value of your estate is below £325,000, OR/AND
  • You leave everything over £325,000 to your married spouse or legally registered civil partner. Or to a legal charity or a community amateur sports club
  • You may also have a main residence £175,000 'residence nil-rate band' since 2015

So this base £325,000 tax-free threshold can be even higher depending on your financial circumstances.

For some people, it can therefore be as high as £500,000, or even £1 million for married couples & if your property is valued at these higher levels.

Note: On any estates worth £2 million or more, the main residence nil rate allowance will decrease by £1 for every £2 above £2 million that the deceased persons estate is worth.

If neither of any of these options above applies, then your UK estate can be currently taxed at 40% on everything above that £325,000 threshold when you die.

It is always a political hot potato and a poll by Martin Lewis suggests a large proportion of the UK public is “against” inheritance tax.

Let's have a look at some ways MSE point out that you could legally reduce your IHT tax bill

Money Saving Expert Inheritance Tax (IHT) Tips

MSE Inheritance Tax Top Tips to help avoid IHT

  • Gift £3,000 each tax year inheritance tax-free (If you don't give it away 1 year, you only can carry it forward for 1 tax year)
  • You can give £250 annually to everyone you know (12 grandchildren could each get £250 annually as a birthday gift & it wouldn't be counted as part of the estate)
  • Gifts to charities are IHT tax-free (If a donation is equivalent to at least 10% of your estate, any IHT payable is reduced to 36% from 40%)
  • Give away money from income BUT not investments IHT tax free (as long as it doesn't affect your lifestyle)
  • Wedding gift (up to a limit) are tax-free (£5,000 from a parent, £2,500 from a grandparent, £1,000 from anybody else)
  • Help fund your kids going to university (There are no limits to the amount you can give, as long as they continue in full-time education and/or training)

Note: Certain people in more 'risky' roles are exempt from paying inheritance tax if they died in active service. Included in this are police, firefighters, armed forces personnel & paramedics, plus humanitarian aid workers.

The exemption also works if that person who was injured on active service dies later as a result of that original injury, even if they are no longer on active service.

What they also mention in their MSE article review is giving a gift and the HMRC rules for then surviving for at least 7 years after the gift.

So as brokers here are some more hints that revolve simply around life insurance to help avoid or cover off inheritance tax.

inheritance taxes & life insurance

Payouts from Life Insurance policies

Life Insurance is paid out currently tax free. However, if a life insurance policy is NOT set up into a suitable protection trust from outset, then it can fall back into your estate.

As brokers we may often see this when someone contacts us. We ask if any of their existing life policies are set into trust & usually the answer is NO.

This could mean firstly if they died, then anything above £325,000 maybe subject to 40% Inheritance tax. Secondly, the benefits could go someone unintended especially if they have not made a valid will..

For a real life example: a young unmarried couple were buying a house together. They had arranged separate mortgage life protection policies but not in trust to each other.

The young chap sadly died just after completion. The young lady then found out she would now get nothing. His parents would legally now get all the mortgage life insurance minus inheritance tax (as neither had made a will).

She was now left completely devastated, living all alone & with 100% of the joint mortgage still to pay. She no longer talk to her ex-boyfriends parents.

This shows & highlights the importance of using trusts with life insurance & most Insurers provide these protection trusts free. If unsure here, seek legal advice.

Life Insurance to help pay Inheritance Tax

Nobody willingly may want their loved ones to pay a large 40% IHT tax bill on their demise. So as brokers we say if you can afford it, whole life assurance is an ideal way to help mitigate and pay a potential tax bill.

For example: If the total value of your overall estate on death is £250,000 above your inheritance tax threshold, that would mean you would have a potential 40% tax bill or £100,000.

So ideally you would need a whole life assurance policy worth £100,000 to cover your estate’s IHT bill after you die. If you are married or in a legal civil partnership, this could be setup on a joint life 2nd death basis.

Gift Intervivos

If you made a large gift to a loved one it can be subject to a special 7 year time frame for IHT liability. The MSE forums of full of people seeking hints on gift of money to children re inheritance tax.

To help protect this, you could take out a special 7 years gift inter-vivos life insurance policy or adjust a term insurance to help cover until that gift falls out of your estate calculations for IHT.

So for many people, Inheritance Tax Martin Lewis says can be avoided by simply understanding the rules. As always Martin Lewis says if unsure, always seek professional broker advice.

Let's now look at what does Martin Lewis say about our funeral plans?


Martin Lewis on Funeral Plans (Review July 2024)

Martin Lewis | Funeral Plans

For Martin Lewis advice on Funeral Plans UK, he points out that you do need to be very careful with any pre paid plans you buy. Also that they include all those final wishes you maybe want covered. However, this sector is going through major changes & upheaval, so like anything financial the situation is always fluid and buyers need to be aware.

In this article we will now look at Martin Lewis Funeral Plans review & does Martin actually recommend funeral plans ie; are they worth it ? We will also examine what Money Saving Expert thinks are their pro's & con's.

What is a Pre paid Funeral Plan?

A Pre Paid Funeral Plan is a specific policy arranged via a Funeral Plan Provider to help cover the cost of the funeral.

It lets you pay upfront for your own (or someone else's) Funeral in advance but more importantly locking into today’s prices to help avoid rising costs. The various different plans available help to cover some or all of the costs associated with arranging & providing for a funeral eg; the funeral directors time, coffins and a hearse.

Funeral Plan | FCA & FPA Regulations 2022

If you are thinking of buying a funeral plan, he previously advised you to make sure that the provider chosen was registered with the (FPA) Funeral Planning Authority. The FPA was originally set up whereby Funeral plan providers signed up to agree to certain rules and codes of practice for their industry regulation.

However, pre pandemic under the financial watchdog's guidance, this arbitary regulation was not enough. Money saving expert then commented that all funeral plan sellers would soon face crackdown & to make people aware of these changes that came in from 2022.

From summer 2022, the Financial Conduct Authority (FCA) then tookover the regulation of this whole sector. The FCA will then delve into these Providers structures for fairness and help protect your savings via FCSS.

Already several Funeral Plan Providers had stopped offering new plans via their agents or direct.

Any failed Providers would then be in discussions with their existing clients, as to how they or indeed others will agree to honour any existing funeral plan agreements.

Some other firms agreed to voluntarily step in to help out in this situation. Some also were asking the government being urged to directly intervene.

Pro's and Con's of Prepaid Funeral Plans

These points he has raised however all need to be tempered by the Pandemic 2020's, which then caused unprecedented demand sadly for both funerals & funeral plans.

martin lewis views on funeral plans
Funeral Plans for Death | The Pros & Cons

Pro's

  • Buying in advance could help stop your family from being 'ripped off' at time of need 
  • It can also help avoid any cash-flow problems at the funeral time
  • Plans are exempt from inheritance tax and may also not count into care home assessments
  • UK Funeral plan prices are not geographic so could be useful if you live in or move to a more expensive area
  • Some providers plans t&c's may still pay toward funeral even if not all the premiums are paid
  • Avoids probate delays
  • If someone has not layed out exactly what their final wishes are, or not made a will

Con's unhappy face

  • Should prices of UK funerals ever come down overall, then a prepaid plan may cost more
  • If a funeral is expected very soon, may be cheaper to pay for it at time of need
  • Some prepaid funeral plans may limit your choice of time and date of funeral 
  • If you miss regular payments your plan maybe cancelled
  • Some plans may give all your money back, less charges & others even nothing
  • For some pensioners they may need the money to live off now
  • You may have to wait for the nominated funeral director to be free if they are busy
  • Plans may specify mileage limits how far a funeral director will go to collect a body
  • The Funeral Plan provider must be FCA regulated from 2022. If not, they may have ceased to trade

Need to knows | Prepaid funeral plans

For Martin Lewis money funeral plans, the MSE article has given these useful need to knows.

  • If you have the money to prepay for a funeral plan now, it may be a good option for you
  • Your funeral plan is protected against funeral inflation eg; Lock in now for £3,000 but future cost would have been £5,000
  • You are the sort of person who likes to be in control
  • Takes the pressure off your family when the time comes both financially & emotionally
  • Putting specific savings aside instead may not be enough & still means more family decisions needed
  • If you move areas, it is very important you contact Provider to see if you can change funeral directors
Martin Lewis Funeral plans

Funeral Plans | 4 Payment Options

Most funeral plan providers have these various 4 payment options. 

  • Pay for it all in One Go review
  • Pay over 12 months (ideally interest free) review
  • Spread the cost over 30 years
  • Fixed monthly instalments until you reach 90 or die

Martin Lewis funeral plan guide here is.... 'it is cheapest if you pay for the plan upfront or over 12 months (if interest free)'.

Check their cancellation fees. These typically begin after 30 days and will cost you upwards of £249.

What's 'Usually' included?

  • Transport of the body to the funeral directors' location
  • Care of the body
  • Visiting the body in the chapel of rest
  • A coffin, hearse and funeral director personnel

What's 'Maybe' included?

  • Doctor's fees paid
  • Minister's or celebrant's fees paid
  • Limousine's for mourners
  • Complete fees for the crematorium
what's included | martin lewis views on funeral plans

What's 'Not' included?

  • Burial grave plot (these can cost £1,000's especially in London)
  • A fixed headstone or memorial (this can also cost £1,000's)
  • Funeral notices
  • Order sheets
  • Embalming
  • Flowers, catering or other costs for a wake
  • Repatriation from abroad
  • 3'rd party charges & disbursements often not listed in cheaper plans

Alternatives to a Prepaid Funeral Plan?

Pre paid Funeral plans compared

Commenting on Martin Lewis best funeral plans, MSE points out the big 3 UK names currently include COOP, Dignity (Age Co) and Golden Charter, all FCA regulated.

MSE state these all have a good combination of price and features – but they have not assessed service standards and have little feedback on them. However, there are several providers also which local funeral directors maybe tied to eg; COOP or Dignity.

Lastly, always watch out they are FCA regulated & avoid pushy sales agents trying to pressurize you into their own providers funeral plans.

Martin Lewis Funeral | Plans
There are usually 4 main types of Pre paid Funeral Plans

1) Basic Plan

The funeral has no mourners or service. Usually at a Crematorium. Hearse only. Collection of the Deceased (within their office hours). Transportation to local Crematorium on a day/time of their choosing. Basic coffin. Not included Doctor's fee/minister/celebrant fee (as applicable). Typically £1800 - £2000.

2) Bronze Plan

Attended Funeral. Hearse only. Coffin basic. Contribution towards 3rd party fees ie; Cremation fee, doctor’s/ministers/celebrants fee, obituary). Typically £3,500 - £3,750

3) Silver Plan

Attended Funeral. Hearse. 1 Limousine. Coffin better. Fees contribution higher. Typically £3,900 - £4,200

4) Gold Plan

Attended Funeral. Hearse. 2 limousines, Coffin choice. Fees contribution higher. Typically £4,350 - £4,500

Other things to consider?

  • Costs for removing artificial limbs or any mechanisms eg; pacemakers
  • Ability to switch persons within policy to allow another family member to use the plan
  • Covid 19 could rapidly change the usual processes, meaning a lower limit to any numbers attending a funeral
  • eg; On the most expensive pre paid plans you may never end up using 2 limousines

Cremation Funeral Plans Review

If you’re buying a cremation funeral plan, check if they fully cover the cost of disbursements in full or just an allowance only. Some funeral plans offer a guarantee to cover all 3rd party costs.

There is a risk if funeral costs rise, there may not be enough money in your plan to cover these costs. This would leave your family or estate with extra to pay when you die.

Burial Funeral Plans Review

If you opt instead for a burial funeral plan, it will usually include the cost of digging the grave. However, the cost of the burial plot plus a memorial headstone won’t be included.

Most Funeral plans don't include the cost of flower arrangements or the organising wakes. Some plans do allow you to put aside some extra money to help cover these costs.

How Safe is my Money in the Funeral Plan Provider?

Your money should be invested in a trust fund with trustees, or in an insurance style policy, which is then used toward paying for the funeral. From 2022, this will also be FCA regulated as mentioned.

Conclusion

Martin Lewis insurance Over 50's plans or indeed Over 60's style no medical life insurance (see above) is not a great fan but sees a benefit with certain Prepaid Funeral Plans.

It’s important to make sure you know what your plan does and doesn’t provide before you pay. That the Providers plans clearly list all the things you are expecting to want for the funeral at the time of need.

Should you take one out, whenever you die and whoever is looking after your 'estate' they will then need to notify your funeral plan provider or your nominated funeral director. The Provider will arrange and pay for the funeral, so it's important you tell people you do have a pre-paid funeral plan in place.

It is always a good idea to have your own copy and then ensure everyone knows where it is when the time comes. Don't keep it a secret !

However, if you don't notify anyone, but your family believed you had a plan, all is not lost. The Funeral Planning Authority has a useful trace your funeral plan facility on its website.

Your funeral plan provider will keep a copy of everything you have requested as part of your funeral plan. As long as your family know who the funeral plan provider is, then they don't have to track down any specific documents.

Martin Lewis has also written a useful MSE article, suggesting you draw up a death check list including funeral plans.

Pre Pay Funeral PlanFuneral Insurance Cover
Guaranteed acceptance with no medical or health lifestyle questionsMedical Questions Whole Lifecover or Over 50's No Medical
Choice of schemes & costs from basic/standard/comprehensiveChoice of how much Life Insurance you want & cost
Your choice of Plan options upfront for either Cremation, Burial or AlternativeYour family can decide how to plan any funeral arrangements
Paid upfront or Deposit & Monthly Instalments until fully paid for & then payments endFuneral Insurances pay premiums until death or age 90/95
Can be paid for by someone else as long as usually over 18Insurable Interest applies but can be paid for by someone else
Price locked into funeral at today’s prices to help avoid funeral inflationCover options maybe level or index linked re funeral inflation
Choose what you may like re Funeral now eg; Coffin, Hearse, Limousines etc;Your family may still need to plan all your funeral & services
One phone call will usually activate & set the plans into motionYour family may still have to plan all your funeral & services
Some plans cover 3rd party fees ie; ministers, doctors, Cremation or burialYou have to cover costs for any 3rd party fees
Pre paid Funeral Plans may only be used towards funeral costs & arrangementsThe money can be used for funeral & any other costs
May not cover everything eg; Burial Plot or Headstone costsCan be used toward Burial Plot or Headstone costs
Funeral Directors may have travel mileage restrictions for deceased personYou will have to sort out any arrangements
If you died abroad family would have to finance repatriationIf you died abroad family would have to finance repatriation
Problems can come if you move house to another part of UK re some ProvidersLife Insurance does not matter where you are located
No cash in values as plan designed to cover funerals No cash in values unless investment backed plan
You maybe tied to a specific funeral director or company eg; Coop, DignityOption to choose or if Funeral Funding then tied
Only fully paid for - once fully paid for Fully underwritten cover or 1/2 years initial exclusion
Paid to Funeral Directors so no IHT or probate delaysIf not in trust maybe subject to IHT or probate delays
Broker Comparison - Generic differences between 'Pre paid funeral plans' & 'Funeral Insurances'

'Martin Lewis Health Insurance' Guide Review July 2024

Private Medical Insurance | Martin Lewis

We have probably all clapped outside for the NHS over the pandemic periods. Without their support, many people with Covid 19, including some of my friends, may not have survived the Pandemic 2020's.

However, it must be appreciated that the NHS is not a bottomless money pit. With growing population numbers in the UK, you may often have to wait in the queue for your routine check-up or operation.

MSE Health Insurance forum sections are full of people complaining about overburdened NHS issues. So let's look at what Martin Lewis has to say about Private Medical Health Insurance

What does Martin Lewis say about Health Insurance?

So what does Martin Lewis say about health insurance? He says that in emergencies, the NHS is unbeatable. It has large hospitals that are well staffed around the clock.

However, he also comments that for more routine treatment, according to his Twitter poll, around 23% of people choose instead to pay for (or access via their work) private medical insurance.

He points out that health insurance may offer a luxury / convenience package. It may also give sometimes speedier, more flexible private health treatments and often in hotel-style comforts.

The Money Saving Expert has various hints & tips here...

  1. Use specialists who may access & compare the whole market (they have given some links)
  2. If fit & healthy use Insurers that offer extra perks like Vitality healthcare
  3. Considering a switch? Big savings are possible, but BE EXTRA CAREFUL if you have had treatments.
  4. Your insurance excess matters
  5. Check Which hospitals can you use? Bigger choices = bigger costs
  6. What treatments do you wish to cover
  7. Specialist Consultant approved or unapproved limits?
  8. Get PMI as a Staff Perk (but check if you then left employers)
  9. Unfairly treated - then go to the Ombudsman
  10. Use a medical insurance broker if confused

'Martin Lewis Private Health Insurance' | 6 need to knows

  • You can tailor a policy so you only pay for the extras you need. Or extend to also include your family
  • You can reduce your excess to reduce premium costs. But frequent claims can then get expensive
  • Study exclusions & restrictions T&C's carefully. However, you may still be limited on location & Doctor
  • Moratorium or Full Underwriting. The claims process varies between providers
  • Discounts are available for staying healthy via providers
  • Don't automatically renew your plan. Check the marketplace annually - especially if claim free

We are agree as brokers with many of his comments here & Martin Lewis private medical insurance tips are as always to shop around.

What does Private Medical Health Cover?

Private Medical insurance (PMI) is an annually renewable policy, that helps cover the costs of any private medical care if you become unwell. It works alongside the state backed NHS, and may give you access to much shorter wait period, a choice of private treatments & location. 

Basic PMI plans may cover only essential treatments. However, comprehensive PMI cover can also include expensive medicines or specialist therapies that may not be available via NHS. How do you apply ? Well there are 2 types of application process; Moratorium & Full Underwriting

Moratorium Underwriting allows a quicker application process, with no GP reports. It may then exclude any pre-existing conditions you had from the last 5 years for a set period (usually 2 years) but may then include them after that. At claim, you may not be sure with a moratorium style policy (before they look at your full medical history) if it will then be paid. So this can take a while to check & process, as they have not as yet had full GP medical disclosure.

Full Underwriting is the other alternative, which is a longer process and with GP reports. This may then specifically exclude some pre-existing conditions permanently, following a full medical report or questionnaire. Policy terms are usually 100% clear then about what is included or excluded on your policy. Fully underwritten policies may not consider some early symptoms of a disease significant, so may not specifically exclude this condition. This is usually much quicker in claim than moratorium style plans, as they have already had full GP medical disclosure.

What Does PMI Cover ?

  • Health insurance is specifically designed to cover you for treatment for acute curable short lived conditions & any non-routine tests
  • These health issues must start after your policy begins, not before
  • Surgery and Tests as a hospital inpatient 
  • Hospital accommodation costs and any nursing care
  • Tests, Therapy and Consultations as a hospital outpatient
  • Drugs and Medicine (like cancer drugs) that may not available to you via the NHS

What Doesn't PMI Cover ?

'Martin Lewis health insurance' review UK broker help

What are Healthcare Cash plans?

Insurance policies that help you pay toward the cost of routine everyday healthcare for Optical, Dental or Physio cover. Also there are Hospital Cash plans. These provide cash benefits for each overnight stay in a UK hospital due to bodily injury, illness or disease and some upon discharge.

Martin Lewis says you decide the cover levels you want & when, which then affects the monthly premium. You pay for treatment upfront and the insurer then reimburses you upon claim, unlike PMI.

All these plans can be a cheaper way of paying toward basic healthcare costs - but not the more expensive treatments covered via 'health insurance martin lewis' advises.

Is Private Health Insurance needed?

As we have the NHS, any health insurance policy is therefore optional Martin Lewis insurance cover comments. But here are some key points Martin Lewis medical insurance cover suggest you maybe consider:

  • The NHS may be sufficient for your needs already?
  • Check if you're already covered by your employer or they offer any discounted healthcare schemes?
  • Pay your private health bill yourself from your savings?
  • Cover the cost of any serious illness treatment from a critical illness insurance claim?

So 'Martin Lewis private healthcare' says you will need to balance up whether the monthly premium costs are worth it for you.

'Compare Medical Health Insurance'


Martin Lewis life insurance

Martin Lewis Money Saving Expert - Background History

Money Expert Life Insurance help

Martin Lewis like my own family, grew up originally within the Manchester area.

Only recently has he told some of his own life story where he sadly lost his Mother at only aged 11. She was involved in a tragic road accident whilst out horse riding with his sister. This reportedly left him barely able to leave his own house for upto 6 years (Times Newspaper Article).

Except for going to school, the emotional impact left him he said with both extreme anxiety & trauma. As such, he may be able to speak now with authority around the subject of the impact of losing a parent so young, whether this be financial or psychological.

Around a similar age then to Martin, my Uncle was also sadly killed in a tragic road accident. This then left my young devastated widowed Auntie with 3 young children to care for both emotionally & financially.

I remember my own Mother in tears on the phone back then as her younger sister telephoned her in the early hours to explain her terrible family news. I woke up to hear my Mum crying. I was listening upstairs and looking through the banisters in confusion as Mum cried & cried. She just said 'Martyn go back to sleep and don’t worry'.

My Mum at that time, like all family would naturally do, asked her “is there anything I can do to help?”

Once reality settles in, the effects to the whole wider family unit are both highly psychologically stressful but then ultimately also become financial.

Unfortunately & all too often, only then once the worst has happened do more practical questions get asked, rather than the obligatory ‘When is his funeral?’. For my young and traumatised Auntie then it was more like ‘How much does a funeral cost? ’ or ‘Do we have any life insurance?’ or ‘Had he made a will?’.

In today’s uncertain world, more and more people are seeking professional advice from people like Martin Lewis on the Best Life Insurance advice or similar financial answers to their questions.

Martin Lewis Life Insurance Advice & its Importance to Martyn

These events left a lasting impact on both of us I believe. It has probably underpinned over 30 years working within Financial Services in Life Insurance and helping protect people.

As I mentioned earlier, whenever a tragedy strikes often both family & friends ask “is there anything we can do to help?”

This is a loaded question, as in reality many people are just too busy with their own everyday lives. Apart from going to that person’s funeral or calling the bereaved to ask ‘how are they doing?’

Perhaps emotionally it could really mean ‘Can you please help me look after my 3 young children, as I just cannot cope today’ or financially ‘Can I please have £1,500pm every month to help pay all my bills for next 15/20 years’.

Life Insurance Martin Lewis may concur can never ever replace a loved one. However, we all live in a world where money is needed to feed us, keep a roof over our heads & family, clothed & warm.

So, if you are online trying to seek the guidance of Martin Lewis on Life Insurance, how do you work out how much life insurance is truly needed or enough ?

Martin Lewis on Life Insurance Guide 2023 - Conclusion

As brokers, we found the Martin Lewis on Life Insurance Money Saving Expert summary very good, with their various informative and useful hints & tips.

Ultimately though, you pay’s your money and takes your choice of perhaps one or all product area combinations. How much can you afford to set aside each week to help protect yourself, family and loved ones ?

If you can afford it, my own thoughts aside from what does Martin Lewis say about life insurance, are ideally following the same principles as mentioned above.

  • Lump Sum > Repay any mortgage & debts, cover funeral costs
  • Income  >  Help cover your monthly bills & expenses
  • Lump Sum > Back up for holidays, education, emergencies

Take care of yourself & Family and loved ones. Money Saving Expert and Life Insurance

Article on 'Martin Lewis on Life Insurance' Guide by Martyn Spencer Financial Adviser July 2024
For reassurance re health for men & women – we review many of the best Life Insurers selling Life Insurance in UK (inc NI)

*Any comments & views expressed on this Life Insurance Martin Lewis Money Saving Expert review are for generic information only. They are not personalized advice or necessarily reflect MSE views.

Martin Lewis talks about Life Insurance ads & MSE Beware LIAR Fake Scam AI ads >

This overview on Martin Lewis Guide to Life Insurance 2024 is not a scam fake or advert re Martin Lewis recommending our own broker servicesAs you may be aware he & MSE are fully impartial which means never putting his name or face / logo to anything. Yes, they mention individual products and services on their site, but they don't 'support' them. Martin Lewis Money video's or images shown may also have some out of date information on them - due to the ongoing cost of living crisis. Often these life insurance MoneySavingExpert articles may no longer be personally updated or written by Martin Lewis himself. MSE do state he oversees site content, especially the MSE weekly email. Naturally, although MSE is an independant website finance allows no advertising nor subscription, it may receive a revenue via 'affiliate links' to what they believe are the top products or providers (which we aren't mentioned)