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Sep 06

Bequest – the digital revolution in life insurance

Reading Time: 5 mins

Have you heard about the biggest disruption to life insurance in the last 94 years?

Life insurance is not something you may think about everyday. It’s not even something that is necessarily thought about every year.

But did you know that every 22 minutes, a child loses a parent in the UK?

At Bequest, they have realised that the insurance sector, specifically life insurance, is really out of date. If life cover is so important, why has it not been updated? And did you know that it’s not nearly as expensive as you might think it is? Cover can start from £6 per month!

 

So, why do I even need life insurance?

Are you a parent?

No matter if you are working, are the main breadwinner of the home or a stay-at-home parent, you can still get life insurance. The value of your role in the family is so much more than income. As a stay-at-home parent you might not get paid for your work, but if something were to happen to you, your family would most definitely struggle to hire someone to do all the things you do. Purchasing cover until the last child is 18 or no longer financially dependent, is a very common thing to do.

 

Do you have any dependents?

Dependents can be children, step-children, parents or any other loved ones that you take care of financially. While children may be a great reason to get life insurance, there are plenty of other people who could be dependent on you as well. Thinking about when you might retire or how long you would need to financially support your loved ones can help you determine how long you could get your policy for.

 

Do you have a mortgage?

Many people look to get life insurance cover until their mortgage is paid out. Bequest offer term life insurance and the two options for this are decreasing and level. Getting cover to cover your mortgage can be so valuable, as that financial burden is removed if you pass away. For surviving loved ones, this means not only being able to stay in the same home but also being able to pay for other necessities going forward.

 

Are you young?

The biggest contributor to the price of a policy is age. So while you may not be thinking of purchasing life insurance right now, you could save thousands of pounds by purchasing cover earlier. For example, taking out a 40 year term, level pay-out for the max at £500,000 at 30 years old, saves you £27,500 (in the long run) compared to buying the same insurance at 40 years old. You don’t normally need life insurance when you’re passed retirement age anyways. So, buy young and buy long!

 

Now that you know you need life insurance, what makes Bequest different and why should you choose them?

Bequest - the digital revolution in life insurance

The process is so simple.

  1. Sign up and login.
  2. Answer up to 15 questions (depending on your answers).
  3. Choose the length of your policy term and how much you want to be covered for.
  4. Look at the quote you receive.
  5. If you like the price, put your payment details in.
  6. Purchase your policy!

 

They care about mental health

While there is plenty of more work to do, they are working hard to make sure as many people as possible are covered for life insurance. Mental health as a whole is so misunderstood and they are making changes to redirect the conversation. They work alongside bereavement support charities to reduce stigma around such topics. They also have post-claim support for families and loved ones that are left behind. They don’t just leave them once the claim has been paid, but they have made grief, bereavement and mental health counselling support available for them.

 

It’s a digital product

Desks and drawers full of papers, various logins and companies to track, it’s no wonder so many families don’t know if their loved one had a will, or where it is! Bequest’s all-of-life platform is fully online and autonomous, so there are no intimidating appointments or hour long phone calls. Their platform (with help just a phone call or online chat away) can be enjoyed on the couch with a cup of tea. So, no matter where you live in the UK (or England & Wales for wills) you can get life cover!

 

They’re saying no to discrimination

Bequest is insurance without the jargon or little hidden details, providing a new generation of authentic life insurance. Can you believe that 38 million families are uninsured and unprotected each year? As a company, Bequest are addressing the poverty premium gap, aka postcode discrimination. Which is exactly what it sounds like — discrimination on the basis of where someone lives. They have taken this discrimination out of their life insurance journey because they believe everyone deserves the right and opportunity to take care of their loved ones.

 

You can make changes as your life changes

So not only do they have really great online life insurance and free will products, you can actually update them as well! So, if you get married, have a child, get a mortgage or just want to increase your cover, you can update your policy. As they like to say, your life changes and so should your policy!

 

They focus on education

Insurance has been in the shadows for too long and it can seem like the business is just trying to take your money. Being transparent and open about how policies work, what people should consider and why they should purchase life cover has unfortunately not been the norm. But Bequest care about educating the millennial generation on all things insurance because they want to make things easy to understand.

 

No medical exam needed

As their life insurance is done completely online, there is no medical exam needed. There are no hour long medical exams or 200 questions. While they do ask you some medical questions, they try to make the process as painless as possible. They use deep data and research to guide the policy and get the best results for their customers.

 

At Bequest, they are doing everything they can to make it simple and easy to protect your loved ones. Here are a few more reasons why they’re awesome. 🥳

  • It takes 15 minutes (instead of the regular 6 weeks) to get life cover
  • Instant cover up to £500,000 and up to 40 years
  • They focus on the millennial generation
  • It’s most likely not as expensive as you think it is
  • They have a FREE WILL option!

 

Safeguard your loved one’s future and get your cover today!

 

Disclaimer: This is a paid article from Bequest

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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Joanne
Joanne
8 days ago

interesting article.

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