Get Your Family Sorted With Life Insurance Before You Kick The Can
It’s just like burglar alarms. No-one ever thinks about getting a burglar alarm before someone has tried to break into their home
Life insurance is far more important than a burglar alarm. I’m here to tell you about a clever new online life insurance system that looks at your life as it is today, recommends what you need if you die, and comes back with comparative quotes.
Yes, I know lots of other companies do that at the moment, but there are two important differences with this one:
• it’s not bolted onto a general price comparison site to make the company behind it even more money, and • this has been put together by some really impressive life insurance experts
The feedback this company have had from users has been great. Once you have a play around with it, you’ll see why. But what is life insurance and why do you need it?
What is life insurance?
When you die, life insurance pays out either a big lump sum of money or regular payments to your dependents.
You can choose how much money your dependants get. As you’d expect, the more you want them to receive, the higher the payments you’ll have to make.
There are two types of life insurance – whole of life and term.
Whole of life pays money out whenever you die, as long as you’ve been keeping up with your monthly payments.
Term insurance lasts for a specified length of time – 5 years, 10 years, and 25 years are the norm. Once the policy has expired, there’s no pay out and you don’t get a lump sum at the end.
Life insurance only covers death – it doesn’t cover disability or long-term illness. Some policies pay out straight away if you have a terminal illness (that is one that will cause your death). If that is what you want, make sure you let the team know on the online portal.
If you have a specific health problem when you take out a life insurance policy, please make sure that your policy pays out if you die because of that illness.
Do you need life insurance?
If you have kids, a partner who relies on your income, and your family lives in a house that you pay all or part of the mortgage on, you should strongly consider life insurance. You might also benefit from adding funeral expenses cover to your policy.
Your family will receive far more from the right insurance policy than they will receive from the state.
If you’re single, your partner earns enough to cover all household expenses, or you’re on a low income and can receive benefits, life insurance may not be right for you.
The cost of life insurance
Normally only a few pence a day. You must check out the link at the bottom of the page to use the interactive life insurance online service – the quotes being delivered to users are genuinely surprisingly low (no wonder so many people choose to go ahead after finding out how much).
The price of your life insurance premiums will be dictated by how much you want paid out, how long the policy is, how old you are, your general level of health, and whether you smoke or not.
Does your employer provide life insurance?
Employers provide a form of life insurance called “death in service” cover. This cover stops when you stop working for that company.
Generally, death in service policies pay out between a third and two fifths of a life insurance policy. They’re also not linked to your mortgage.