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Do you feel you have enough insurance cover?
Taking out a life insurance policy means that if you should die unexpectedly, you can ensure that your loved ones are provided for financially. The payout from a life insurance policy will either be made as a lump sum or in a series of instalments, depending on the policy. There are several different kinds of policies available in the UK market. In general however, most policies can either be defined as ‘term policies’ or ‘whole life policies’, with the remainders being linked to your pension (‘Pension Term Assurance’). You may also wish to include critical illness cover, to help you with the everyday living costs that come with treating and dealing with a serious illness. More info
Term policies will provide protection against the policyholder dying within a pre-agreed time period (the term), although if you die after this period, you get nothing. If you take out term life insurance as a couple, the insurance company would pay out if either of you were to die over this period. As the name would suggest, whole life policies ensure that when you die, your dependents receive an agreed sum of money. Your lifestyle will affect the cost of your premium, since if you live longer the insurer needs to pay less overall as you have contributed more to the policy. Less
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Types of Life Insurance
- Level Term Life Insurance: The benefits are only payable on death, it does not build cash value, and coverage lasts for only a set period of time (5-20 years). This type of life insurance is cheaper, but if you survive the term nothing is paid out and you would then need to start another policy.
- Decreasing Term Life Insurance: This is also known as mortgage protection assurance. The policy would pay out a lump sum upon your death, if you die within the agreed policy term. However, the amount of cover that you have will lessen over the course of the term as your mortgage debts decrease.
- Whole Life Insurance: This policy builds cash value, and coverage lasts for the entire life of the insured person or couple. Depending on the details of the policy, payments can either be made for only a set period of time or over the entire life of the insured. This type of policy tends to be more expensive than term policies.
Insurance NEWS & ARTICLES
16 Jan 2009
What is Life Insurance?
Life insurance is a contract between the policy owner (you) and the insurer, in which the insurer agrees to pay an amount of money in the event of the owner’s death. The owner pays premiums in exchange for this insurance.
16 Jan 2009
Utilising the Internet to obtain a life insurance quote is fast, simple, and painless! The online life insurance market is a competitive enterprise, and life insurance companies vie fiercely with one another to get your business. Get a FREE quote from the comfort of your own home, with no pressure to sign up!
16 Jan 2009
Finding the right life assurance policy for your needs will inevitably save you money in the long run. By comparing the different life assurance policies available, you will be able to decide which is the right one for your specific circumstances. The decision to compare life assurance plans for purchase is one of the most important decisions you will ever make, as it is a step toward ensuring your family’s future financial security.
Make sure you read the policy small print carefully, and take particular care to check for exclusions that may affect your level of cover.
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