The Basics of Life Insurance

The Basics of Life Insurance

Ans: Many people are confused by life insurance so it is important to understand the basics. This is the most effective way for you to offer a lump sum of money to the person of your choice should you end up dying while the policy is in effect. There is no investment value attached though and you need to be aware of that fact. This means if you get to the end of the policy term and there is no claim then there is nothing the insurance company will be paying out on your behalf.

There are many things you need to consider when it comes to life insurance coverage. For example you need to have a good idea of how much coverage you should buy. If you will be covering a mortgage with the life insurance then you need to find out what the payoff is on that loan.

How long you want to be covered by the terms of the life insurance policy is also important. There is generally a requirement of at least two years by most companies offering such insurance. It is very common though for a person to select a period of time that is from 20 to 25 years. Keep in mind that your age at the time you get the policy should be considered as well. Most of the time companies won’t offer such life insurance to anyone that is more than 70 years of age. Those that will charge a very expensive monthly premium so make sure you have such coverage in place before you reach that age group.

Do you want to get coverage with your spouse or each of you individually? The answer to this is going to depend on your own circumstances. Take the time to fully explore what your options are so you can get the coverage with life insurance that is the best fit.

Do you want to have a policy that is guaranteed or that is reviewable? With the guaranteed policies you will have premium that costs more but it can help you in the long run to get the best deal. It may help you with your decision too when you learn that we automatically add terminal illness coverage for no extra cost to you. This means if you are going to die within a 12 month period then you will get a lump sum payment immediately rather than after you have passed on.

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Life Insurance Quote

Title

First name

Last name

Date of birth

Do you smoke? No Yes

Email address

Home phone

Work phone

Mobile phone

Is this a joint application?

Yes

App. 2: Title

App. 2: First name

App. 2: Last name

App. 2: Date of birth

App. 2: Do you smoke?

Yes

House Number

House/Flat name

Street

Area

Town

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Type of insurance

Type of cover

Amount of cover

Type of premium

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Testimonials Testimonials

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"Just a quick note to say thank...
...you for all the help that your company provided. I would like my thanks to be passed on for the professional and uncomplicated way this matter was handled by yourselves."
Name withheld

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Mr Colin Murray, Newcastle