Life Insurance with a Free Gift: How to Find the Best Deal for You

Last updated: 08/06/2023 | Estimated Reading Time: 6 minutes

Looking for the right life insurance policy can feel overwhelming at times. After all, there’s a lot to consider and a lot of responsibility on your shoulders to ensure you’re providing the best possible future for the people who matter most to you.

During your search, you may encounter some policies offering life insurance with free gifts as an incentive to choose them. But can you really compare life insurance options and have a gift be a deciding factor?

In This Guide:

How Does Life Insurance with Free Gifts Work?

When you’re looking for life insurance cover and have a range of policies to choose from, it’s common for insurers to try to stand out from the competition by offering up a small token of their appreciation to tip the balance in their favour. 

For many life insurance providers, this means giving potential new customers a free gift for choosing them as their insurers. The gift will usually be part of a special promotion to encourage people still undecided about their life insurance needs to take action and sign up.

What Are the Free Gifts You Can Get with Life Insurance?

Finding the right life insurance should never be motivated by receiving a free gift. However, there are a number of incentives you’ll encounter when you compare life insurance cover. The most commonly known gifts are listed below. 

  • Life insurance with free gift card incentives (for supermarkets, high street chains, or Amazon) that range between £100-£150
  • Apple watches and other small personal smart devices
  • Laptops and game consoles (in rare but extravagant cases)
  • Branded stuffed animals and toys that advertise the insurer in question

Is Life Insurance with Free Gifts Still Good Coverage?

This really depends on the kind of life insurance you’re looking for. Let’s say you’re looking for an over 50s life insurance with free gifts because you like the idea of that extra incentive. It probably sounds like a fantastic deal, doesn’t it? After all, you wanted an over 50s policy anyway, and this one gives you something for free in exchange for choosing that specific insurer. 

However, the value of any gift cards or vouchers you receive will usually be in direct proportion to the amount you pay on your premium. Not only that, but most insurers will only send your gift after you’ve paid premiums for several months (in some cases, this can take up to half a year). In other words, choosing what you thought was the best life insurance policy for the sake of a £150 voucher may not be worth it, especially if you’re paying a higher premium for the privilege.

To avoid falling into the trap of getting a free gift that doesn’t offer you any real value, it’s always best to take the time to shop around and compare the policies available. No one should ever be rushed into choosing the wrong policy for their needs, and it’s vital to weigh up your options and explore all policies at your disposal. 

Other life insurance with free gift deals may offer up smart watches and other devices. Again, however, there will be work to be done in order to actually receive that gift. For some insurers, this may even require the policyholder to log points online that tally up to a specific number before they can receive that sign-up gift. 

Like most things in life, if life insurance with free gift options sounds too good to be true, then it probably is.

Ways to Make Sure You’re Getting the Best Life Insurance for Your Needs

While life insurance with a free gift incentive may be tempting, it’s easy to let it cloud your judgement and distract you from getting the best deal possible for your specific needs. If you choose your policy based on gifts, you may end up with life insurance that doesn’t give you enough cover, or offers protection in areas that don’t apply to your situation.

Below are some of the most important aspects to remember when finding the best life insurance for your individual wants and needs. 

Remind yourself of what’s important 

Try to look beyond this moment and into the future. What do you want to leave behind for your loved ones? Will life insurance with free gift card policies be worth potentially sacrificing that perfect cover you didn’t choose? Has the premium you’re about to pay been calculated based on the protection and peace of mind you wanted, or has an additional gift caused it to rise? 

Pick the type of policy first 

Use the clarity you’ve gained above and determine the best life insurance for you. Generally speaking, you’ll encounter the following options when searching for the right life insurance policy

  • Whole-of-life insurance 
  • Level term life insurance
  • Decreasing term life insurance
  • Family income benefits insurance 
  • Joint life insurance 

When you’ve explored these options and found the best life insurance policy possible, you can then narrow down your search into providers, the range of add-ons you may want, and the potential gifts offered for those policies. Naturally, not all providers will have the full range of insurance policies on offer, so it’s important to do your research.

Consider and compare 

With a narrowed-down list of policies to shop around for you can now shrink your options down further by considering which provider you’d prefer to do business with, whether you’re able to get the add-ons you need, such as critical illness cover, and compare life insurance policies until you find a small number of key candidates.

If any of these options offer life insurance with a free gift, you’ll now know that it’s still the right policy for your needs, and you will not let yourself be motivated by impulse or the promise of a free incentive.

Please Note: Not all insurance providers we work with offer all types of policies. Please do your research and compare quotes before proceeding.

Life Insurance with Free Gifts: What Matters Most

Life insurance with free gift cards, stuffed toys, and smart devices may seem like an attractive option. But it’s important to read the small print carefully. Pay attention to the conditions, timeframes, and rules of any gift incentive to avoid potentially paying a higher premium for no beneficial reason. Compare with other policies which offer equivalent cover but without the free gift incentive. 

By sticking to the tips and insights above, you can gain the ultimate gift that comes with finding the right life insurance policy - the ability to enjoy life, knowing that you and your loved ones are protected and covered should the unexpected occur.