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An Introduction to Life Insurance

Posted in Articles

Life Insurance is basically a policy that pays out a premium to the beneficiaries when some one has passed away.

This amount can be set at various levels according to each individual’s requirements.

The premiums or payments for life insurance cover are dependant on many things.

Some things to take into consideration are:-

•    Age

•    Type of Cover

•    Length of Cover

•    Your General Health

•    The sum assured or the level of cover (How much the policy will pay out)

Life Insurance comes in many different forms.  It is easy for the consumer to be overwhelmed by all of the choices available.  Simply put, life insurance provides the financial means for your family and loved ones to have stability in the event of one of the main income provider’s passing.  Today that is not so much the male counterpart but also as much as a female partner who also brings financial income to the household.

How Do I Choose The Right Life Insurance Policy?

Don’t buy any life insurance policy before you check what cover you already have in place.  You may have an endowment or life policy that may have been taken out a long time ago.  Have you had a pension from a previous employer or have you a pension from your current employer?  Once you have established what cover you have then if you feel it is insufficient then the best place to look is online.  The insurance market is very competitive so many insurance companies align themselves with comparison sites.  This is the best way for the consumer as they get every quote from all the leading insurance companies and they do not need to waste time and money shopping around going from one to the other.  This also negates the need for a broker who when generally when introducing a customer is paid a high commission.  This again is where My Life Quotes can assist as we compare over 400 leading insurance companies.

Further Consideration

In every case a life insurance policy should be considered carefully.  The options are abundant and many people sign up with a policy that they do not understand and give little thought as they just think the monthly payments are cheap.  They do not consider the terms of the policy.  For example does it pay out on first death only?  Does it run for the whole of the life term of the insured?  Is it outside of inheritance tax laws? Will I have to pay any further tax on the lump sum?  There are so many other things to consider also and that is why My Life Quotes only recommends speaking to a qualified financial advisor to guide you through the whole process.  It is essential when searching for the right policy to make sure you understand all the benefits you’ll receive, also any exemptions and the cost of the premiums.