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Life Insurance Overview
By taking out Life insurance, you can rest easy that those you care most about will be safe and secure should the worst happen to you.
Life Insurance Expert is a life insurance comparison service aimed at providing low cost life insurance and advice so you can choose the
best life insurance company for your needs.
A life insurance policy provides some financial stability in the event of your death, and ensures that your family and loved ones will not
have to suffer hardship if they are unable to maintain an income.
How much life insurance cover you need will be dependent on your particular circumstances. You need to initially consider the
immediate requirements such as funeral expenses, along with short term debt such as credit card payments and loans. You then need
to work out how much to leave your family, and add in any longer term debts that need to be repaid. You may however, already have
a life insurance policy specifically to cover your mortgage in the event of your death.
It's important that you choose the right life insurance policy for your needs. Term insurance (also called term assurance or term life
insurance) pays out only if you pass away within a certain term. Whole of life insurance pays out whenever you pass away. Universal life
insurance is a type of life insurance based on cash value. The policy is established with the life insurance company and premium
payments above the cost of insurance are credited to the cash value. Effectively it is like combining a term life insurance policy with
a tax deferred interest savings account.
There are lots of elements to consider when you are looking to compare life insurance policies, so please consider each one carefully
before making a decision. For example, if you are getting term insurance, you might need a family income benefit (a policy which pays
out income rather than a lump sum), an increasing life insurance policy (where cover and premium rise over the years), a decreasing life
insurance policy (where cover and premium fall over the years), or a renewable life insurance policy (which let you extend the original term).
An advisor can give you more information should you require it, once you have filled in your details on the quote form.
Check for exclusions too - in other words, for excluding factors that mean the life insurance company won't pay out. For example, most life
insurance policies in the UK do not cover death due to alcohol or drug abuse. You also may not be covered while taking part in risky sports,
or if your health is poor when the policy starts. There are also contracts where premiums are reviewable after a certain period, usually five
years. Things to consider are; how flexible is the contract? Can you reduce or increase cover easily as your circumstances change? Are
there extra charges for doing this? Does cover stop immediately if you miss a payment or is there a period of grace? And so on.
Terminal Illness Insurance is also included in most leading life insurance policies, at no extra cost from the life insurance company. So if the
policyholder is diagnosed with a terminal illness (where life expectancy is less than 12 months), then the life insurance company pays the
amount of money insured on diagnosis, rather than death. However, please note that this benefit is not usually available during the last
18 months of the life insurance policy.
It's important that you don't put off getting life insurance cover, as for most life insurance companies, the younger and healthier you are,
the cheaper your premiums will be. So if you are looking for the best low cost life insurance in the UK, Life Insurance Expert is the right place
for you. We search a number of well known life insurance companies to provide you with the best life insurance quote!
