Life Insurance

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What is life insurance?

Nobody really likes talking about their own mortality, but life insurance has become an essential part of that conversation. After all, products like life insurance cover are designed to help your loved ones should you die during the term of your contract.

From being able to clear debts to ensuring your family has enough to live on in the event of your death, life cover has become a financial safety blanket that your family can rely on.

One key thing to consider is that with life insurance cover, it is based on you as a person. Getting quotes will require you to provide information on your lifestyle, health conditions and for some providers an examination may be required before any kind of approval is given. For other providers, a pre existing medical condition may be a factor in whether you get your insurance or not.

We will cover what providers of life insurance quotes will be looking for and other essential information throughout the rest of our guide.

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Considering Life Insurance? Here’s what you need to know

Designed to help your dependents when you’re no longer around, life insurance is a form of an insurance policy which is paid out in either one lump sum or over a period of time - ensuring that your dependents are looked after when you’re no longer around to provide for them.

Paid out when you die, life cover is designed to give your family/dependents financial support when you’re no longer here.

Paying bills, the mortgage and even private expenses are all things that need to be taken into account when you are arranging your policy – and how much you will be paying in to adequately set up a fund that will cover all of the above costs and possibly more.

The amount of cover you receive will depend on the amount you pay into your policy.

What gets paid out is based on your agreement and the level of cover you buy, that’s why selecting an agreement that meets your requirements is essential when it comes to your life insurance policy. As always, shopping around will give you the best idea as to which providers will supply the best cover for you. Get a life insurance quote today using our tool.

There are a few different types of life insurance (see below) but on the whole they roughly work in a similar way. Your standard life insurance policy is called “term insurance” which will pay your dependents a lump sum of money if you pass away within a specified time.

The money that is paid out is called the “sum insured” and the length of the policy is the “term”. For many life insurance policies, you get to choose the payout amount and the length of the term.

Your sum insured should typically be enough to cover the debt left on your mortgage and some extra to help your family’s financial concerns easier once you’re gone. Usually the term is as long as your mortgage.

Level-term life insurance

This kind of life insurance pays out a fixed amount for a fixed period of time – which you choose when you buy the policy. If you have debts like an interest-only mortgage, this will be cleared on your passing. This style of policy will also pay out a lump sum.

Decreasing term life insurance

As the title indicates, this is insurance where the payout decreases over time as your financial commitments reduce in the same period. Cheaper than a level-term insurance, it’s a policy that is designed for those paying down debt like a mortgage after several years of payments.

Whole of life insurance

As you can imagine, this is a policy that is covered for your whole life and pays out if you die – and as long as you’ve kept up with your monthly payments into the policy.

 Joint life insurance

Much like a level-term life insurance policy, this is a policy that covers two people – a couple for example – where on the passing of one during the term, the lump sum goes to the survivor. The survivor however has to look for another policy if they want cover as the policy ends when the other person dies.

 

Over 50s life insurance

You will have seen a plethora of TV adverts on this type of life insurance. This is typically a smaller insurance payout that covers funeral expenses. Whatever you pay into this policy is guaranteed so the cover doesn’t go up or down.

Unfortunately a lot of life insurance plans won’t cover critical illness as standard in their policies. This is why it is always necessary to understand what your policy does cover when applying for life insurance.

However, critical illness cover is available with many policy providers as an extra or as a policy in its own right. This will be a payout on your policy if you have a critical illness covered under the agreement instead of on your death.

Terminal illness is slightly different however. Policy providers can pay out if you have been diagnosed with a terminal illness and given a specific time left to live (around 12 months), both your doctor and provider will need to agree that this time period is what has been carefully considered and make a judgement on this.

Getting the best life insurance deal is more than selecting the cheapest provider. There will be factors that will affect your policy, these include;

  • Your health
  • Your age
  • Whether or not you smoke
  • Where you live
  • How much you want to be covered
  • How long you want to be covered.

These will all have an impact on the kind of cover you will receive and who will cover you. Some insurers won’t cover smokers for example.

 

The rule of thumb for your life insurance policy is this, the cost of your life insurance policy will be based on the sum insured and your personal circumstances which cover health, age, lifestyle and even family medical history.

Life insurance is there to give you and your loved ones peace of mind when you pass. That’s why selecting the right kind of product for you and your personal circumstances is something that requires time and thought.

From additional life insurance cover such as critical illness to adding your partner to the policy, understanding what will work best for you is going to be essential in selecting a life insurance policy that reflects your circumstances.

The problem for many is unlike car or home insurance, we don’t do this on a yearly basis. Policy’s can last 5, 10, 15 and 20 years – or even longer – which is why you need to have all the information and suitable options given to you when applying for a life insurance policy.

Our system works so that you get that information and even more options when you’re looking to make your decision on what type of life insurance policy you want to buy.

All it takes is a few questions and we’ll do the rest. Have peace of mind in a few simple steps.

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