Retail life insurance policies have several advantages. Firstly, policy terms and conditions are protected and cannot be unilaterally changed to your disadvantage. Additionally, the terms and conditions may be less restrictive than those on group life insurance policies. Coverage is usually more comprehensive than the coverage available in group life insurance policies, and you can usually insure yourself for a larger amount. Your level of cover can also stay the same over time or increase in line with inflation if you pay a higher premium. You usually have the choice between level and stepped premiums, and policies can be more tailored to your individual needs.

Furthermore, with a retail life insurance policy, you can usually choose who the policy owner is, and Spotter Life can can assist you or your loved ones with the claims process.

However, there are also some cons to retail life insurance policies. They are usually more expensive than group life insurance policies, and there is usually a longer and stricter application/approval process, involving a 10 to 15 minute medical questionnaire and in some cases medical tests. This health check may reveal pre-existing health conditions which could result in your application being declined or exclusions or higher premiums being placed on your coverage.

In summary, retail life insurance policies offer more comprehensive coverage, more tailored policies, and greater flexibility than group life insurance policies. However, they are generally more expensive and have a longer and stricter application process. Ultimately, the decision of which type of life insurance policy to choose will depend on your individual circumstances and needs. It may be worth consulting with an insurance broker or financial adviser to determine the best option for you.