Top tips for getting the most out of your life insurance cover

Life insurance can be essential especially when it comes to giving peace of mind to those that are left behind should the worst happen. However life insurance can be confusing to the majority of people and there are many different types of policies which you can take out to cover yourself for.

Death of course being the number one, but then there are policies which cover you for such things as suffering from a critical illness such as cancer, heart attack or stroke.

Here are some tips when it comes to buying life insurance to make sure that you get the most out of your policy and the best deal.

The number one factor to take into account when it comes to purchasing life insurance is to make sure that you take out enough cover. The insurance needs to be able to cover the mortgage, but along with this factors such as providing for any children that you leave behind should be taken into account.

When you take out life insurance cover the policy can have the additional critical illness cover included or added to it. This means that should be diagnosed with any terminal illness, subject to the policy terms and conditions, you will receive a lump sum payment.

If there are two of you then you don't necessarily have to take out joint cover. Purchasing two separate policies can work out better and could only cost just a little bit more than the joint cover would while providing you both with cover which means one partner isn't left with debts, should something happen to the other.

Make sure you look into whether or not the critical illness policy includes provisions for children, the majority of policies will include up to £20,000 of cover for children.
If you take out critical life insurance then be sure you have read the policy properly, the only conditions by which the policy will pay out are those listed under the policy outlines and nothing else.

Make sure that you keep your insurance in line with your growing family and commitments. Guaranteed insurability options means that you can exercise your rights to increase the amount of cover with no extra cost to you at certain stages of your life.

If you are in work and receive benefits then make sure that you are not already covered when thinking of taking out extra cover. Life insurance and income protection can very often already be included in a package that you pay into at work.
All policies have exclusions within them so it is essential that you understand this. Forgetting to mention an already existing medical problem could render the policy useless if you haven't mentioned it at the outset.

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David Thomson is Chief Executive of BestDealInsurance a completely independent specialist broker dedicated to providing their clients with the best insurance deal. They offer great value life insurance as well as, critical illness and income protection, ensuring that their clients have the protection they need, without leaving a hole in their pocket.