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Are you overpaying for life insurance?

Find out how to get it cheaper.

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April 6, 2022

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Life insurance is expensive, complicated and inflexible, yet the majority of current providers have little incentive to change it. Whether you have life insurance and want to switch providers to save money, or are signing up for the very first time, you really do need to read this.

Time for change

“Change is long overdue” says Phil Zeidler, co-founder and CEO of insurtech firm DeadHappy. “The industry’s failure to modernise means it is no longer fit for purpose in a digital age where customers demand easy-to-access products at affordable prices

Traditional ‘Term life insurance’ is not only old-fashioned but also inflexible. Typically fixed for a term of 23 years, customers have no way of flexing their policy as their circumstances change. As a result, most customers cancel their policy within seven years.

Are you being overcharged?

This also means the majority of people are being overcharged for life insurance. By fixing a price for 23 years, insurance providers essentially overcharge customers for the first ten to 15 years of the term, when policyholders are younger and therefore have a lower risk of death, so they can then undercharge in the final period when there is a higher risk of death.

“As most people don’t reach that period of being undercharged, due to the high rate of cancellations, we calculated that the market is overpaying by £1.2 billion a year,” says Zeidler.

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Tearing up the rulebook

As has been the case in numerous sectors, it usually takes a bold, innovative startup to disrupt the status quo, and DeadHappy has accepted the mission in this crucial space by reinventing life insurance to be easier and cheaper.

DeadHappy has ripped up the rules of selling life insurance, starting by replacing 23-year fixed term policies with an innovative pay-as-you-go product which only commits customers for one month at a time. Meanwhile, policyholders can flex their payout amounts and monthly payments in line with their life changes as often as they like, and with no penalties.

Each plan comes with a minimum ten-year guarantee. Depending on health status, this can be reset every year. This means a 25-year-old could refresh their plan annually for 25 years, and at 50 years-old have an active plan with the ten-year guarantee still in place.

Get cheaper life insurance today

DeadHappy’s products are not only cheaper – the first year average monthly price is £10 compared to £25 for traditional premiums – but far more accessible. As the only mobile-first life insurance company, customers sign up in an average of three minutes. The process is entirely digital and, as such, accessible 24/7, with no requirement to speak with anybody.

So, if you’re a switcher or a newbie and want affordable life insurance, click on the button below for a superfast no-obligation quote.

Sign up today and get 2 months free!

Use code HAPPY at checkout

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