Many insurers who offer a wide range of products have the benefit of combining the administration and thus offering the consumer discounts for taking out multiple products. AEGON one of the many providers who offer such a discount is increasing their multi-benefit discounts available when a customer takes out two or more benefits on the same plan.
Such discounts are available for both individuals and businesses, many of the protection policies are eligible including life insurance, critical illness cover and family income benefit. By combining products under one insurer you have the benefit of streamlining both the application and underwriting process. Discounts increase in line with the number of benefits taken out under the one plan, ranging from £2.40 a month for two benefits to £9.60 a month for five benefits.
As with any insurance whether business or personal it is important to do your research. By approaching a range of insurers you ensure a competitive rate and get an idea of where the different providers sit in the market both in terms of price and cover.
The insurers have their own underwriting methodology which means that one provider may well look at you in a more favourable light than another due to your demographic and cover required. If you are looking for multiple products you should look into both buying individual products and placing them all under one protection account with a single insurer as although discounted holding all policies with one insurer is not always the most cost effective approach.
If you are looking for a range of products or already have a number of policies and are looking to consolidate and need some guidance please do not hesitate to get in touch. Dealing with insurance day in, day out we can discuss your situation and then approach the market for all types of life insurance to ensure you get the right policy at the best price.
There are plenty of resources online to help you gain a greater understanding of the protection market. The Financial Services Authority provide a consumer guide for all forms of personal insurance on their Money Made Clear site whilst the Wikipedia Life Insurance page provides a good foundation of knowledge.
