Making Life Insurance Easier to Understand and Buy

Bequest is changing the conversation around wills and life insurance. It doesn’t take weeks to get covered and it’s not costing an arm and a leg.

“Darling, I’m off to buy some life insurance…..”

Not a phrase you often hear your partner, friends or colleagues say. That’s the old way of thinking and not something people normally get excited about. Bequest is changing that narrative.

We can seemingly purchase everything online and companies are making it easy, interesting and safe. We are even buying cars online, yet purchasing insurance and life insurance in general is still a chore…. “I have to have it for my mortgage” is the most positive response customers usually give when asked why they bought it.

However, Bequest is changing the conversation around wills and life insurance. It doesn’t take weeks to get covered and it’s not costing an arm and a leg.

So let’s look at some real life facts:

  • Families are paying average monthly mortgage payments at a minimum of £400pm and rental costs vary from £900 - 2500pm (one bed flat) in London, £350 in Midlands/ Manchester and £460 in Bristol and Edinburgh
  • The average family income ranges from £1,900 in Midlands / Manchester to £2,250 in London, meaning core living expenses account for 20-30% of monthly income (40-65% or even more in London)
  • Average family savings are £6,700 and 41% of people have savings of < 1 months living costs
  • Yet 45% of males aged over 18 and 38% of females have no life insurance and what’s more concerning, is at least 1 in 4 breadwinners have no life cover. That’s approximately 8.5 million adults with dependents who have no protection for themselves or their families.

So why don’t we get up in the morning and google life insurance, protection or any other industry focussed word? Simply put, there are too many insurance companies and sites with jargon to buy something we don’t understand.

Let’s look at a typical industry life product and how it is presented and what is really being asked.

What is being asked.

  • How old are you and do you smoke? – What is the chance of you dying?
  • Select a level of cover. – What amount do you need to receive if you die?
  • Select a term. – How long do you want the insurance to last?
  • Do you want long-term illness cover? – What happens if I’m too ill to work?
  • Do you want declining cover, fixed cover or indexed cover? – Are you happy that the amount you pay reduces, goes up or stays the same over time?
  • Exclusions – All the reasons the insurance policy won’t pay.
  • What is the premium? – This is the cost of the insurance product, typically monthly or per year.

Confused or concerned yet? I’m right there with you!

While some of these questions are valid and should be asked, covid has highlighted a real change in risk to life and people are starting to think about protecting their loved ones more and differently. We in the insurance world can start by asking real life questions, rather than just the questions above.

What should be asked.

  • What are you worried about?
  • How will my partner pay the mortgage, rent, expenses, school fees etc. if I die?

In other words.

  • What happens if I can’t work for a period of time (short term or before I die)?
  • What are my options?
  • How long should I have this protection for?
  • Do I have to decide everything right now or can I select options and change them over time?
  • Can I change my cover as my circumstances change? Such as having kids, getting a new job, losing my job, buying a house.
  • How do I best set this all up?

The answer to these questions is simple. Go to Bequest. Based on your personal circumstances and preferences, you can get cover for what matters most to you.

Bequest is making it simple to cover your family. Built for the millennial generation, their simple and intuitive platform takes 15 minutes or less to create both a will or purchase a life insurance policy. Buying a house or having a child? You can make changes to your policy as your life changes!

Clearly it hasn’t been normal to wake up excited about insurance, but we can, and indeed need to, make it necessary, easier and more relevant. It’s never too soon to be prepared, so get a will and life insurance today.


Trevor Davis: Leading advisor in Insurance and Insurtech Former Managing Director for Swiss Re Retail Insurance and a leading Insuretech platform provider

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

0203 916 5433

FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

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