In this article, we look at the life insurance broker, Reassured and explain the different ways that you can buy your life insurance using its services. We explain the pros and cons of using Reassured to buy your life insurance while also exploring alternative ways to do so including an option where you can receive up to £100 cashback.
Who is Reassured Ltd?
Reassured recommends and arranges life insurance for customers online and over the telephone. The company provides quotes for its customers from a wide range of insurance companies and products available in the personal insurance market.
While Reassured has many offices across England and Wales including Cardiff, Bournemouth, Chester, Basingstoke, Manchester, Bristol, Brighton, Southampton and Portsmouth, it primarily arranges life insurance for its customers online and over the telephone. Reassured Ltd is authorised and regulated by the financial conduct authority.
How does Reassured work?
Reassured, like many other life insurance brokers, helps to arrange suitable life insurance, illness insurance and funeral policies for its customers. These products include:
- Mortgage life insurance
- Family life insurance
- Whole of life insurance
- Over 50s life insurance
- Funeral plans
- Income protection insurance
- Critical illness insurance
Most customers will complete an online form prompting a call from an adviser at Reassured but this won't necessarily be a form on Reassured's website. Reassured acquires life insurance enquiries through marketing in various publications and on social media so you may not realise that your enquiry has gone through to Reassured until you receive a phone call.
Reassured offers two ways to buy your personal insurance. The non-advised route means you'll have access to advisers who will check what you wish to spend and will tell you what your insurance will cost based on what you choose. The advised route means that your adviser will ask you about your personal circumstances and make recommendations based on your needs. Either way, you'll be able to complete the application during the telephone call and if your application is accepted, you can provide your bank details and start your insurance straight away.
Buying life insurance with Reassured without advice
Historically and largely, Reassured has been a life insurance broker that acquires life insurance enquiries from various sources and provides life insurance as per the request of the customer. This is what is known as a non-advised or an execution-only sale of life insurance where the customer may speak to a customer services representative to complete the application and buy their life insurance but will not be steered towards making choices based on their personal circumstances. Some customers prefer this method of buying life insurance as they can feel more in control but it has obvious setbacks for customers who don't understand enough about life insurance and illness covers to choose the right type of cover for themselves and their families. There may be aspects of their lifestyle, health and future needs that they have not considered.
It is important for any customer buying life insurance without advice to understand that if they do not buy the right type of life insurance or the right level and duration of cover for their needs, there is no recourse to hold Reassured responsible for this as they are merely executing your request.
Buying life insurance with Reassured with advice
More recently, Reassured has launched the advised arm of its brokerage which means that a life insurance broker will call you to discuss your personal circumstances and needs before providing you with the relevant quotations for your life insurance. They will ask about your financial commitments, family and concerns. Understanding your personal circumstances and your budget helps the adviser to recommend appropriate life insurance, critical illness insurance and income protection.
As part of the process of sourcing the right life insurance for you, your Reassured adviser will usually ask about your health and lifestyle as these can affect the price that you'll pay for your life insurance after you apply. They will then select the insurer that is most likely to give you either the best price or best value cover.
Once you apply for your life insurance - usually over the telephone - your application will be assessed and processed by the life insurance provider. You'll be issued with terms of acceptance that tell you what cover you have and how much it will cost as well as any special clauses before you give the go-ahead to start your life insurance. Your first life insurance payment is usually collected by the insurance company shortly after this.
Advised life insurance vs non-advised life insurance with Reassured
It is important to consider the value of taking some advice when you buy your life insurance. Reassured offers you both ways to buy your life insurance but we would suggest that taking advice provides you with a better outcome and protection in the future. There are a number of factors around your personal circumstances including your debts, income, family and health that help determine what type of life insurance you need as well as how much cover you need and for how long.
However, you may already know what life insurance you want and how much you wish to spend and Reassured does offer a non-advised service that will support you to buy your life insurance using your budget and your stated requirements. They'll search the market for the best prices and process your application with you over the phone once you are happy with the policy and life insurance company selected during this process.
How does Reassured compare to an online comparison site
There are a number of routes to buy your life insurance online and while Reassured does not provide your life insurance quotes online, you can start the process online and expect a call from a Reassured adviser who will take you through the prices and options. They will search a large number of insurance companies so that you can decide which suits you best. Reassured has a number of articles on its website, designed to help customers understand the different kinds of personal insurances and those still looking for guidance may wish to check out our extensive list of life insurance articles and resources. If you don't wish to speak to someone over the phone, there are a number of online comparison sites - such as MoneySuperMarket* and Compare The Market - that will allow you to search for life insurance quotes and complete the application process online too.
How much does Reassured charge?
Reassured does not charge a fee to arrange your life insurance. Most life insurance brokers will instead receive a commission payment from the insurance company for introducing your business to them. Included within Reassured's service is:
- Advice to help you consider your options if you choose it
- A price match guarantee
- Customer support to help with amendments and claims
- Trust service to set up a trust to nominate your beneficiaries and avoid inheritance tax and probate delays
Reassured is rated 4.8 out of 5.0 stars from over 55,000 reviews on independent customer review site Trustpilot, ranking it as 'Excellent' overall. The majority of Reassured reviews are positive with many people happy with the 'friendly' and 'helpful' advice. A very small percentage - around 1% of the total reviews posted - rank it as 'bad' with some saying that they were unhappy with the number of calls that they received.
Pros and Cons of Reassured
Pros of buying life insurance with Reassured
- Access to quotes from across all the main insurance companies in the UK
- The choice between an advised or non-advised purchase
- Free, no-obligation service
- Price match guarantee
Cons of buying life insurance with Reassured
- Cannot complete the process online
- No cashback offer as standard
Alternatives to Reassured (with cashback)
There are a number of life insurance comparison sites and brokers to choose from to arrange your personal insurance needs and you can arrange your life insurance through your bank or mortgage broker too. Do read our articles, "Should you buy life insurance through a mortgage broker?" and "Should I take out life insurance with my bank?"
At Money to the Masses, we have vetted the services of an alternative leading life insurance advice company* that searches the entire life insurance market for you and specialises in all types of life insurance, critical illness cover and income protection. It also has a team that can deliver business solutions for life insurance and illness protections.
Members of our team at Money to the Masses have personally used the service and have received excellent guidance in choosing suitable protection policies, so we've seen up close exactly what the price, service and quality of advice look like. It is particularly well versed in how underwriting - the process that insurance companies use to assess your health and lifestyle - works and will help you to find the best prices in the market.
As a Money to the Masses reader, you can complete this form*. There is no obligation on your part however you'll receive up to £100 cashback if you go ahead with a recommendation and take out a policy.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses and do not wish to qualify for the cashback referred to in the article. More information about Reassured.