There are a number of life assurance options available. One is term policy, which would cover your life for the number of years you took out the policy for. For this you pay a premium each month and if you die within the policy term your family would receive a lump sum. If you were to outlive the policy term, then it would cease after the set time.
Life cover would allow the ones you leave behind to be able to meet financial commitments which you probably took care of, without them having to struggle or worry about where to get the money when bills arrive.
Losing your life is something that happens to all of us, we just never know when. And although it is a morbid subject you have to face the fact of it happening to you sometime in the future. Protecting with a policy is one way of guarding against the unknown and protecting your family financially.
An online specialist is often the quickest and easiest way to buy your term life insurance. You are able to compare for the lowest premiums and a policy that suits your needs.
If you have what are seen as bad habits such as smoking or drinking then you can expect to pay more in premiums for your life cover. If you can stop smoking 12 months prior to applying for the policy you can often save on the cost of insuring your life. The units of alcohol you drink will often also go towards determining the cost of the premiums.
If you are over fifty then look for companies who offer plans tailored for those over that age. There are many to be found and a specialist website will search for the cheapest quotes on your behalf with those providers.
If you want to keep premiums as low as possible then make sure you are living a healthy lifestyle and are getting plenty of exercise. Your height to weight ratio is taken into account and if you are considered to be overweight then your life cover will cost more than someone within the range.
Taking on two policies for both partners can be one way of making some great savings on the cost of the policy. However, do remember that generally the insurance policy will only pay out once.
Your premiums will be partly based on how much policy you need. To find this sum you can take the salary that comes into the home yearly and then multiply this amount by 10 and this is the base which you should consider starting from depending on your circumstances.
There are many policy companies out there so when taking out something as important as term life insurance it is essential to choose an ethical policy provider that is not going to disappear overnight. Your broker will help you find the right one.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.
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