Why we’ve partnered with Anorak
We think you deserve the best
Anorak is an independent online broker for buying life insurance, income protection and critical illness cover. It can be complicated knowing what cover to buy. No wonder it sits on people’s to-do lists. Anorak is a simple way to do it online, here to help you make informed decisions on how to protect your family financially. You get instant, tailored advice and help buying the right cover. And being independent means they work for you, not the insurer.
Why the right cover matters
Making it easy for people to protect their families financially
Most people don’t know much about life insurance, income protection and critical illness cover. They know they should have a plan in place in case they die or become too ill to work – but aren’t sure where to start. And even if they do, they find a process that’s complicated, time-consuming and full of jargon. It’s no wonder they put it off. We think it’s important to understand how the different insurance products work and what your needs are before you buy, so Anorak makes sure people do – with online guides, tailored advice, and a team of advisers available to help at any point.
What is life insurance?
An insurance policy that pays out a tax-free lump sum to your partner or family if you die. Having life insurance gives you peace of mind that they’d be financially secure without you.
Do I need it?
If you have other people who rely on you financially – technically known as ‘financial dependents’ – then yes, you should consider getting life insurance in place.
How much does it cost?
It’s often very affordable, but the cost differs per person as it depends on the cover you buy and how much of a risk you are to insure. It’s cheapest when you’re young, fit and healthy.
Is it easy to claim?
Claiming is straightforward – your partner or family will simply claim with your insurance company. Making sure they know about your policy and have the details is helpful.
Does it always pay out?
Yes, if you die while you’re insured and you’ve been honest about your health when you apply. It won’t if you die later or cancel your policy, and might not if you meet an exclusion.
Are there different types?
Yes – and we help you choose which one’s right for you based on what you want to cover. ‘Term life’ is a common type of cover, which can either be ‘level’ or ‘decreasing’.
What is income protection?
An insurance policy that pays a monthly amount if you can’t work for any medical reason. It replaces part of your missing income, so you can always cover the essentials.
Does it cover illness?
Yes – it covers you if you can’t work for any medical reason. If you’re signed off work by a medical professional, you’ll be able to claim on your policy.
Does it cover redundancy?
No – it doesn’t cover any loss of income that isn't caused by illness or injury. You can only claim if you’re signed off work by a medical professional.
How much does it cost?
It depends how much cover you buy, how quickly you need it to start paying out, and how much of a risk you are to insure (based on your age, health and lifestyle).
How do you claim?
Directly with your insurer, providing whatever documentation’s required (usually the relevant medical notes). It’s a good idea to claim as soon as you can after becoming unfit to work.
Will it pay out?
Yes, if you meet your insurer’s ‘definition of incapacity’ – in other words, their criteria for being unfit to work. You can read this definition in the policy documents before you buy.