Who is the best life insurance broker for UK businesses?

On the face of it, Company Life Insurance is one of the simpler protection policies you can buy. Yet there are hidden complexities which can cause problems further down the line for the uninitiated.

Finding a good broker could be crucial. They can talk you through the process and flag up potential issues that could affect the outcome of a claim.

For SMEs, the difference between a good broker and an average one usually comes down to quality of advice and support.

Hooray Health & Protection has built a reputation as a sought-after broker for SMEs, largely because of the expertise of its advice team and the fact that businesses can get advice and quotes without committing to buy a policy first.

How Hooray supports businesses with life insurance

Hooray works with businesses at every stage, from the quoting stage through to claims and renewals. Hooray’s goal as a UK Company Life Insurance broker is to make a technical subject easier to understand and the process easier to navigate.

Here’s what businesses can expect from Hooray:

Whole-of-market advice: Hooray isn’t a tied brokerage, meaning they can provide advice based on quotations received from various life insurers. This results in SMEs receiving recommendations that actually suit them and not what benefits the broker commercially.

No-obligation quotes and comparisons: SMEs can receive detailed comparisons of multiple company life insurers without any obligation to buy.

Access to leading UK insurers: Hooray works with all the leading life insurers in the UK, including Aviva, Canada Life, Legal & General, MetLife, Unum, YuLife, and Zurich. This gives SMEs a holistic view of what’s available, rather than a limited shortlist.

Policy setup and trust arrangement: Life insurance policies need to be structured correctly (usually through a Trust) so that payouts are made to the right beneficiaries without delays or tax complications. Hooray manages this process, removing the administrative burden from employers.

Employee onboarding and communication: Clear communication is essential with life insurance, given its sensitive nature. To prevent any confusion, Hooray helps introduce the policy to employees, explaining what’s covered and how claims would work.

Claims support: A life insurance claim can be a sensitive matter. In the event of a claim dispute, Hooray acts as an intermediary between the business and the insurance company. This means that businesses can gain an objective perspective.

Ongoing admin and renewals: Hooray provides continuous support, from adding new employees or removing leavers, to reviewing premiums at renewal. Businesses can focus on running their day-to-day operations, without having to spend unnecessary time on admin.

International support: Hooray can also help UK companies arrange life insurance for staff based abroad.

Why using a Company Life Insurance broker can help

On paper, setting up Company Life Insurance might sound like a simple process. But there are a few areas where businesses can be caught off guard:

• Choosing the wrong type of policy
• Not setting up a trust correctly
• Missing out on better pricing elsewhere
• Running into issues at claim stage due to how the policy was structured

The best Group Life Insurance brokers can identify these challenges early and deal with them before they become issues later. This is especially useful for SMEs, as smaller teams don’t typically have in-house specialists. Having external experts, like Hooray, can save time and avoid expensive mistakes.

Reviews and real client feedback

Hooray Health & Protection consistently receives strong feedback from SME clients.

A good example is Journeys By Design. Their managing director, Paul Herbertson, explained the challenges they had previously faced in arranging life insurance:

“We’d been round the block with a number of different companies and no-one had managed to provide what we were looking for… it also seemed overly confusing.”

After working with Hooray, Journeys By Design had this to say:

“From our first conversation they were able to advise us on exactly what we needed… Stu was super knowledgeable and went above and beyond in terms of support.”

Lisa Day from Choice Integrated Services was equally impressed:

“I cannot recommended Hooray any more highly, Esme was professional, knowledgeable and worked very quickly to get our group life insurance in place for us. Would highly recommend and will definitely be using this company again in the future.”

Meanwhile, Joely Clark from VAS said:

“I would highly recommend Hooray as an insurance broker, their service is quick, efficient and customer-centric. Esme did a thorough scan of the market for private medical insurance, critical illness, income protection and group life assurance providers. She then presented her findings to us, talking us through each type of insurance, the benefits of specific providers and her recommendation.”

Industry recognition and credentials

Hooray Health & Protection has collected multiple awards for the quality of brokering and support it offers to start-ups and SMEs. In 2024, they won four awards at the Health & Protection Awards. including Advice Firm of the Year.

Hooray is regulated by the Financial Conduct Authority and is a member of GRiD (Group Risk Development), a trade body that aims to raise awareness and encourage best practice around “group risk” policies, which includes Company Life Insurance.

Summary

There is no single “best” life insurance broker for every UK business. But for fast-scaling start-ups, microbusinesses and SMEs, Hooray Health & Protection provides comprehensive support and a high-level of expertise – all at no extra charge to a policy.

For businesses considering life insurance for the first time, or reviewing an existing policy, it’s important they find a broker who will talk them through the options and present policies tailored to their needs.