Not many people will relish the idea of taking out life insurance after all, few of us will like to be reminded of our own mortality! However, this is by no means an excuse for not giving it our serious consideration. We should always make a point of having plenty of safeguards in place and that is exactly what life cover is!
Here are 3 of the most common questions that people will ask regarding this type of insurance.
1. Who needs to take out life cover?
If the worst ever does happen, then the majority of us will have relatives who will be financially affected (and when you are a parent, this is blatantly obvious!)
In the wake of a tragedy, there will be more than enough pain and loss for your family to deal with without them having any financial concerns as well.
Having life cover in place will certainly not take away all of the hurt and upset, but it will give your loved ones far less to worry about at this awful time.
2. Where is the best (and cheapest) place to find this type of insurance?
Insurance policies can be found just about anywhere these days and we are able to purchase cover in all manner of different locations; at the bank, the Post Office or even the supermarket!
In fact, it would be far easier to make a list of the places where insurance cover cannot be taken out!
However, on the whole, the best insurance deals will be found on the internet, from specialist companies such as Lifesearch.co.uk.
You can also use a comparison site, such as Moneysupermarket.com or Comparethemarket.com.
However, if you don’t need advice, you can also buy through a discount broker and this is a way to save money when buying life insurance.
A discount broker will charge you a fee but will then rebate you all the commission they earn from the insurer. In contrast to others who take this commission for themselves.
Example discount brokers include Cavendisholine.co.uk. There’s also Godirect.co.uk who on their website say ‘With our online life insurance quote system we rebate a minimum of 50% of the initial commission the life assurance company would pay us back into your policy there by reducing your monthly premiums.’
3. When should you consider taking out life cover?
Ideally, anyone with a family should have some form of life insurance in place!
This type of cover can never be organised too soon either. None of us can be sure of what is waiting around the corner and life has a habit of containing a great many surprises. Unfortunately, not all of these will be pleasant ones so it is important for us to be prepared for any eventuality.