To help you recognise the potential issues when looking for life insurance, The Cheapest Life Insurance has come up with some handy tips to help you.
Obviously they are not exhaustive and we always recommend that you seek out independent financial advice should you be in anyway unsure.
A bit about the dos of life insurance
Review your life insurance regularly to ensure that any changes in your circumstances are
addressed. This might be the birth of a child or your occupation or of course increased debts.
Put your life insurance into trust. This helps to make sure any sums paid out are not subject to any inheritance tax. It’s very simple to do and usually requires some simple form filling and most importantly it doesn’t cost a penny to do it!
Compare insurers carefully. Make sure you consider any exclusions that apply and that you are completely happy with your choice.
A bit about the don’ts of life insurance
Do not accept life insurance rates when purchased with other products (for example a mortgage) as you should be able to find a rate elsewhere that is cheaper.
Do not forget to consider any future costs when calculating how much insurance you may want. This may include school fees, university fees or any other type of costings for the future that you’ve planned. However, do not overestimate if you can as this could mean higher premiums.
Never underestimate how much value a parent at home is worth. They provide so much to your household. A full-time mum is expensive!
If buying as a couple don’t automatically opt for joint life insurance without finding out if you can get a better deal and cover separately.
The best thing to do with any life insurance search is to educate yourself and know what the options are rather than accepting the first quote you get. All insurers are different and therefore offer a multitude of cover types with benefits and exclusions so it’s important to know what these are.
Should you wish to get comparison quotes then do try us. We use a panel of leading insurers and can offer life insurance quotes for a number of types including Critical Illness Insurance, Whole of Life Insurance, Term Life Insurance, Over 50s and of course Mortgage Protection.