The way to get policies even cheaper than going direct is to use the niche ‘execution only’ brokers give you the commission, and instead you just pay a small fee, and as such you get identical policies but at a much, much lower price.
However beware that the fact they’re ‘execution only’ means they just find you the price without giving any advice. If you'd like advice, to ensure you have the right cover or come back if it's not, read the Getting Advice section.
Having surveyed over 20 insurers for a range of quotes, there are three which are always competing to be cheapest; best practice is to use all three.
Remember all quotes are based on a healthy person so your price may go up if you have any health issues. Always check the full terms of the policy meet your needs before you buy.
Cavendish Online
This has been my top pick for over four years, and has consistently offered good prices during this time. It pioneered giving up all its commission in return for a one-off fee; £35 for an online application or £45 over the phone and can make it over 50% cheaper than most full-commission brokers.
It offers two quotes, the ‘fee' and ‘fee-free' option; always choose to pay the fee, the monthly saving eats up the cost of the fee in just a few months. The commission option is only worth considering if your premiums (monthly payments) are under £7 a month. It has also recently introduced an 'instant cover' option, whereby applicants can get immediate cover if their application is medically fairly clean. Link: Cavendish Online
MoneyWorld
This is a firm of independent financial advisers that provides life insurance for a flat fee of £25 and no commission, either online or on the phone. It’s been around a while but recently moved to the ‘one-off fee’ practice and lowered its prices, and is often the cheapest of the top three
