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Life Insurance Company

Life Insurance Company Quotes, Life Insurance Directory

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Life Insurance:
Life Insurance Basics







Term Life insurance

Term life insurance is cover provided for a limited period and whole life insurance provides cover for the full policy term until death. Term life cover will pay out if you die within the insured period.

If you go online on the internet, you will be able to compare life insurance and there are up to three hundred life insurance plans you can make a choice from. Level term and decreasing term life insurance policies will be paid to your family or partner if you die or are diagnosed as suffering from a terminal illness. Some insurance providers offer a fixed amount of cover for a fixed term and you can choose the amount of cover you want as well as the number of years the policy will remain in position.

Making a choice of the right life insurance cover may need the assessment of your particular needs and a full evaluation of your circumstances. The life insurance will need to meet your circumstances and meet your affordability criteria.

Term life policies do not have any lump sum payments if you die after the term of the period of the policy and there are no final cash benefits which can be left to your family.

The premiums for term life cover are normally flexible and not fixed. The premiums may fluctuate overtime or even go higher. A guaranteed level term life insurance policy may be available where the premium could be fixed for the entire term of the policy.

What are the benefits of term life insurance? It covers the largest amount of insurance possible and covers your liabilities if you have many or excessive loan obligations. Term life insurance has the best death benefits for a product which is simple to understand.

Comparisons can be readily made from policy providers. A particular advantage of term life cover is that it can be taken for the time you need to pay all your outstanding loans and your mortgage.  If your last loan payment will occur in fifteen years time, your term life period would be fifteen years.

Term life policies are flexible and can be renewed at the end of the term or converted to a permanent policy giving a cash death benefit. Another useful feature is that the insurance company may pay your premiums, if you have taken the option of a waiver of premium at extra payment premium.

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.


The opinions expressed in this article are those of the individual writers and are not representative of

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