Perhaps you are thinking of getting life insurance so that your loved ones can have a cash amount which they can use at their discretion or maybe the life insurance is to cover a debt such as a mortgage so that your loved ones wouldn’t have to worry if they can afford to make the monthly payment. Whatever your situation, there will be a life insurance policy that is right for you.
Level Term Life Insurance – Should you pass away within the term/duration of the policy, then the lump sum amount that was pre agreed will be paid to your beneficiaries.
Level Term Life Insurance plus Critical Illness Cover – if during the term of the policy, you are diagnosed with a pre-defined critical illness set out in the terms and conditions then your insurer will pay-out the lump sum agreed.
Mortgage protection insurance/ Decreasing term life insurance – This type of term insurance is cheaper than level term insurance as the sum insured/amount of cover you have, actually reduces with time – typically tracking your mortgage repayment.
Things to note when buying life insurance.
Before checking to see the best quotes for life insurance policies you should consider the below:
– Is the life insurance policy adequate for your needs?
– Is the sum insured/ level of cover enough to meet your outstanding debts?
– Is the life insurance policy written in-trust? – this will make the pay-out from the policy exempt from inheritance tax as it will not form part of the estate.
– Are the premiums fixed and will you be able to pay these for quiet possibly a very long time?
To answer these questions, you should think hard to make sure that your loved ones are not in any financial difficulty when your income or support is no longer available.
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