Martin Lewis life insurance review 2023
Martin Lewis is one of the most well-known and highly regarded financial journalists in the United Kingdom. His website MoneySavingExpert (MSE) provides useful free money advice, tips, and guidance to the general public.
You can find the answers to most of your Martin Lewis life insurance questions on MoneySavingExpert. MoneySavingExpert posts regular news, reviews and comments about finances and insurance. There are also several other independent free financial guidance websites too. You can refer to these if you can’t find the answers that you’re looking for in the Martin Lewis life insurance sections.
Most of the life insurance content provided on MoneySavingExpert is not written by Martin Lewis himself. There are also other money saving websites that provide far more information about life insurance than you might find on this site.
In this section we look at how Martin Lewis life insurance works and the information that is provided by MoneySavingExpert about life cover.
About Martin Lewis and life insurance
Martin Lewis was born in 1972 and raised in South Manchester originally, until he moved with his family to the Cheshire village of Norley, close to Delamere Forest.
His mother Susan Lewis, was tragically killed in a horse riding accident, which involved a collision with a Heavy Goods Vehicle when Martin Lewis was only 11 years old. It was later in life when he used this experience to help other children by becoming patron of a children’s bereavement charity called ‘Grief Encounter’.
Martin Lewis is often interviewed on TV and radio about life insurance as he is seen as an industry expert. Below we have an example of an interview from ITV programme This Morning.
Martin Lewis is understandably a huge advocate of life insurance and the financial benefits that it can provide to bereaved families.
What is MoneySavingExpert life insurance?
MoneySavingExpert is purely an independent website that provides money saving tips and information for consumers. It does not sell or advise on life insurance or any other financial services products.
You can find information about life insurance on MoneySavingExpert and useful resources to help you to make the right choices about life cover. There are lots of pages about life insurance on MoneySavingExpert which provide answers to the most common questions that people ask.
Martin Lewis recommends life insurance companies that offer advice to consumers and incentives to MoneySavingExpert readers.
Some of the life insurance companies named on MoneySavingExpert:
- Active Quote (Up to £120 Amazon voucher)
- Assured Futures (£100 cashback)
- Cavendish Online (£50 John Lewis voucher)
- LifeSearch (Up to £140 Amazon voucher)
All of these life insurance companies have been featured on MoneySavingExpert because of the service that they offer and the size of the business. These companies will all pay a fee or share some commission with MoneySavingExpert to be featured on the website.
If you need life insurance advice with pre-existing medical conditions then none of these companies specialise in this area. You should get advice from a medical conditions life insurance specialist to find out which insurers are cheapest and best for you.
How does Martin Lewis life insurance work?
As we’ve explained above, Martin Lewis does not offer life insurance advice nor does he sell life insurance policies specifically. You can get life insurance guidance from Martin Lewis and useful information from his team of financial journalists.
Martin Lewis life insurance partners (see above) will provide the advice that you might need and arrange your cover. These companies will pay a commission or payment for each referral provided by Martin Lewis’s MoneySavingExpert website.
Many people will look for information and answers to their questions about Martin Lewis life insurance on MoneySavingExpert and then buy cover from one of its partners.
What does Martin Lewis say about life insurance?
Martin Lewis is an advocate of life insurance and as we explained above, having lost his mother at age 11 it is something he considers to be important. When you read about Martin Lewis’s guidance about life insurance you will find out how cover works and the various options that you might want to consider.
In an interview about life insurance on ITV’s This Morning, Martin Lewis stated that “life insurance is an insurance policy that pays out if somebody dies, and the reason why it’s important is because it’s there primarily to protect your loved ones from a lack of income, especially if the main breadwinner dies”.
While this is true, there are also a vast number of other reasons why you might need life insurance to protect your family, home or business.
Martin Lewis life insurance need-to-knows
You can also read the 6 Martin Lewis life insurance need-to-knows for a quick guide to what are the key points to consider.
- Get ‘Guaranteed Premiums’ which are a fixed monthly cost and won’t change through the term of your policy
- Don’t hide anything or lie on your life insurance application, it’s important to disclose any pre-existing medical conditions and other risks (claims may be declined if you fail to disclose information relevant to your application)
- Consider two single policies instead of a joint life policy as this will only pay out once, as opposed to two single plans
- Write your life insurance policy in Trust which is usually free to do and will help to avoid Inheritance Tax (IHT) liability so could save you 40% on pay outs
- Regularly review your life insurance to see whether you can save money, for example if you ‘quit smoking’ you could save 50% on your premiums
- In the unlikely event that your insurer goes bust then your policy will still pay out
Martin Lewis life insurance Over 50s review
You may have read Martin Lewis’s post about Over 50s life insurance titled ‘Beware over-50s’ life insurance’.
This is a fairly candid and honest review of over-50s plans and Martin Lewis’s views about this product. The article isn’t all doom and gloom so he isn’t suggesting that nobody should take over 50s life insurance.
He does clearly state in this guide that these policies might seem simple, but for many people they are a ‘seriously bad bet’.
Over 50s life insurance did become well-known from the massive TV advertising campaigns with Michael Parkinson and Carol Vorderman. These adverts which are now synonymous with Sun Life Over 50s life insurance, give a very simplified view of these policies.
There are a number of key points raised in the Martin Lewis life insurance over 50s page which need to be considered. Over 50s life insurance is far from the simple and affordable answer to all your problems to getting life insurance after your 50th birthday.
Learn more – MSE – Beware over 50s life insurance
Best life insurance UK Martin Lewis
You will usually have 2 main options when you apply for life insurance and the best policy will depend on why you need cover.
According to MoneySavingExpert, the best life insurance in the UK Martin Lewis would suggest are ‘Level term policies to protect your family’s finances’ or ‘Mortgage life insurance’.
- You can protect your family (level term life insurance): This pays out a lump sum to cover expenses such as outstanding debts, funeral planning and more. This can offer financial support for your loved ones
- You can protect your mortgage (decreasing term life insurance): This is designed to repay outstanding mortgage debt if you die
There are in fact, several other common life insurance policies that you might want to consider and some specialist policies. The best life insurance policy for you might be based on your needs, but also may be based on your health.
In reality, Martin Lewis doesn’t provide much information about the other types of life insurance and most MoneySavingExpert content isn’t written by Martin Lewis.
Other types of life insurance not mentioned by Martin Lewis or MoneySavingExpert:
- Critical illness insurance
- Income protection insurance
- Family income benefit (provides monthly payments)
- Whole of life insurance
- Guaranteed life insurance
What’s Martin Lewis life insurance advice?
The simple answer is that Martin Lewis does not offer life insurance advice and you’ll need to speak to a life insurance specialist to get advice.
Unfortunately, Martin Lewis is a money saving tips service that is provided by himself and other financial journalists. This information does not constitute advice in any way and so should not be used alone to make your decisions about life insurance.
Alternatives to Martin Lewis life insurance
You can get life insurance via the Martin Lewis MoneySavingExpert website which is part of the information service that it offers.
There are several insurance brokers that are featured on the MoneySavingExpert website but not specifically recommended by Martin Lewis. You have the option to apply for life insurance through a partner company, or you can speak to an independent life insurance specialist.
More about life insurance
You can learn more about your frequently asked life insurance questions in some of our top MPO life insurance guides:
- How much life insurance do I need?
- Should I review my life insurance?
- How much should I pay for life insurance?
- Why should you review your cover?