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Life Insurance

Life Insurance Quotes, Life Insurance Directory

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Life Insurance:
Life Insurance Basics 

 

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Life insurance

Life insurance is important for those providing the main income or mortgage to support the family. Upon the death of the person insured the beneficiary will receive the sum

insured which can be used for many things for the family.

If you are taking up a new mortgage, the mortgage company may insist on a life insurance policy to cover the debt owed. The ideal life insurance policy for protecting a mortgage

is term life insurance (if die during the term), which is for the term of the mortgage as long as the premiums have been paid. The other alternative is whole life insurance for a longer period, again as long as the premiums have been paid the protection is available whenever death occurs as opposed to a fixed term.

The value of the insurance depends upon the success of the investments the policy premiums are invested in. with term insurance there will be no payments after the insurance term has ended.


 

Life Insurance

There are many insurance companies selling life insurance policies including regular brokers and online internet companies. However, these life cover policies should involve the use of specialist insurance brokers, who will assess your individual circumstances and provide a short list of policies that meets your requirements. Life insurance can provide your loved ones with a financial safety net when your circumstances change for the worst.

If you go onto the internet, there are comparison sites which will enable you to choose a policy from a list of over one hundred life insurance plans. Some online insurance providers may be able to obtain immediate approvals for mortgage cover, life cover and critical illness cover as part of the same package.

Whole life insurance will provide cover for the whole of your life until you die (depending on the policy restrictions) leaving a lump sum at the end. While term life insurance policies only cover a certain term, for example, 15 years of a mortgage loan and secures the payment of the loan against death during the term of the policy.

Life insurance covers your expenses, such as:
• Outstanding loans and mortgages
• Protection of income
• Payments for funerals

If you summarise your debt and other outgoings, it will show how much cover you will need. Having a joint life insurance between husband and wife can also be an advantage, as the benefit will go to the remaining party after the death of the other party. The other issue to consider is the period of cover required. Again making a list of payments, both current and future will help. Your retirement age should also be known as this will affect the number of payments and any cash lump sum payable.

Other items to consider for life insurance are:
• Choice of cover – whole life or term life
• Gender and age – including retirement age
• Total cash coverage
• Period of cover

If you are healthy then your preferred life insurance policy could save you a substantial amount on your premium. Those who are considered to be unhealthy will have the standard policy with normal undiscounted premiums. Most life insurance policies will require a medical test.

Other points to consider are:
• Will the insurance company stay the course of your life period?
• Will your broker be available when you need him?
• Will the premiums vary and when will they need renewal?
• Is there any cancellation costs?
• Is the policy flexible to your changing needs over the period of your policy?
• What are the exclusions?
• What are the options available based upon you age?

Obtaining life insurance via the internet can be quick and easy but these policies are complicated and a specialist broker should be consulted. DIY life insurance may not be recommended depending upon your circumstances.

Money saving Tips for Life Insurance

  • A non-smoker with normal weight may have a better premium.
  • Ask your insurer to explain having a life policy with critical cover and a guaranteed premium.
  • Ask your insurer to explain the difference between critical and terminal illness.
  • Ask your insurer to explain the difference between joint life policy and individual life policies.
  • Ask your insurer to explain the difference between life assurance and life insurance.
  • Ask your insurer to explain the difference between whole-of-life insurance and term insurance.
  • Ask your insurer to explain the difference in premiums between renewable and guaranteed life policies.
  • Calculate the maximum cover accurately.
  • Carefully study all the inclusions and exclusions.
  • Check what your employer already has included.
  • Check whether there is any provision with your current employer.
  • Check you policy is still good value every few years.
  • Consider school fees or home assistance as part of the life
    insurance package.
  • Ensure that you are covered for terminal illness.
  • Ensure that you obtain life cover as a trust to save inheritance tax.
  • Ensure that your children are covered.
  • Exercise guaranteed insurability option as your personal circumstances change.
  • Have adequate cover.
  • Have the cover that you require, do not over buy.
  • Inform your insurer about all medical conditions that you have suffered in the past.
  • Instead of a joint policy obtain two single policies.
  • It is important to comply with the non-disclosure clause, tell everything.
  • Make a of list of conditions under which policies may pay out or not pay out.
  • Make sure terminal illness cover is included.
  • Make sure that critical illness includes cover for children.
  • Mortgage life insurance pays the mortgage balance.
  • Obtain additional quotes.
  • Term insurance comes in three forms - level, decreasing and renewable.
  • Two single policies may be worthwhile.
  • Use your guaranteed insurability option as circumstances at home.

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