It’s all too easy to put off life insurance, but you shouldn’t. Why? A life insurance policy is an important part of financial planning for anyone who has dependents. It’s one of the best ways to provide for your loved ones in the event of your death. The most common form of life insurance is also known as ‘term’ insurance. Term insurance policies pay out an agreed amount if you die within the ‘term’ covered by your insurance. This payment can be a lump sum or broken into regular intervals, depending upon the policy.
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Significant Cost Factors
One of the things that affects your premium and your ongoing payments is the length of this term. Another major factor is the size of the payment.
The earlier you take out life insurance, the cheaper it’s likely to be. Other factors include your age, health, and occupation. Add-ons including critical illness cover are also available.
Comparing Life Insurance Policies Online
When you sit down to compare available policies, an online service can be invaluable. It allows you to gather together all available options much faster than other methods.
You can use this saved time to check through your options carefully. One method is to first go through the available policies and discard any which do not offer the cover you need. This short list can then be assessed in more detail.
During this assessment, weigh up the costs of each policy and the rewards. Consider any additional coverage or add-ons that you don’t need but which you want. You may decide that paying a little more for a policy with these non-essential extras is better for you.
You never want to take out the wrong policy with any insurance, but it’s especially true for life insurance. Don’t sign up until you’re sure you’ve chosen the right policy.
As we get older we often become more susceptible to health problems, disability and poor mobility; eventually of course we will all die. Both situations are naturally very distressing for family and dependants. However, the situation can be made worse if the ill / deceased was the main income provider and there are still bills to pay.