Life cover can be used to help pay off the mortgage and support the family in case either the key earner or homemaker passes away.
Joint policies can be taken out to protect you and your partner to help the ones you leave behind cope financially should the worst happen.
Depending on the type of policy you have, it can pay out a lump sum or provide a regular income. The key is to identify what you want life insurance cover for, because that will help determine the best life insurance policy for you – term insurance or whole of life, for example. Remember that the first life insurance quote you get may not be the best for your circumstances.
So what types of life insurance are there?
Cheap life insurance may not set you back as much but it may not provide the cover you need from your policy. So it’s vital that you check the details of the cover you’re considering to ensure it’s suitable for your needs.
Remember that your premiums may be higher if, for example, you smoke, have a complex medical history poor medical history, do a risky job or regularly take part in dangerous sports and hobbies such as mountaineering.
Check whether your life insurance quote offers premiums that are fixed for the term or regularly reviewed.
Don’t ignore the small print. This will spell out what’s covered and what’s not covered. It’s normally included in a Key Facts or Key Features document, and you should compare various policies’ features to determine which one is best for you.
Always read the terms and conditions of the policy so you understand what you’re agreeing to.
To discuss your Life Insurance requirements contact Clifton Wealth today and contact Peter Harvey.