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28 May 2024
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Life Insurance Tips

An Explanation And Some Useful Tips About Life Insurance

If you have a spouse or loved ones a Life insurance policy will make sure that they are sufficiently looked after if and when you might leave their lives due to death.

Tips From The Experts

  • Make sure you do plenty of research or seek advice from an Independent Financial Advisor as to what you need from a product and which would be the best for you
  • Always check any insurance that you may already have through your mortgage or with work as it is pointless to duplicate cover.
  • It does not pay off to put off life cover because you are young, fit and healthy – the sooner you start paying into a scheme the cheaper it will be as you are considered low risk.
  • Two individual policies tend to be much better value for couples so look into both single and joint life insurance and go with the best one.
  • As with most things you should shop around, compare plenty of quotes, establish exactly what you are covered for and always look online as these quotes are always the most competitive in such a varied market.
  • Always determine that the company that you are buying from is regulated by the Financial Conduct Authority (FSA). 
  • Make sure that all your premiums are fixed throughout the whole term of the policy before you buy it.
  • Always be totally honest about any pre-existing medical conditions because if you fail to disclose important information like this you will invalidate your policy if any of your family may try to make a claim after your death.
  • If you have your policy written ‘in trust’ you can reduce the risk of your dependents or relatives from paying inheritance tax and it can also speed up payment.
  • It is always a good idea to make a will; then you can be sure that your money goes exactly where you want it to go.

Having to think about Life insurance means contemplating death which not many of us really want to do.  It is so easy to think that you will do it later, or another time, but the whole point of insurance is to insure against impromptu eventualities which none of us, unless we have crystal balls, and even then it is debatable, can foresee or plan for.  If you are young when you start paying for it your premiums will be cheaper because the likelihood of anything happening to you is so much less.

You May Also Need Cover For Any Dependents Or Debts

It is not just the mortgage repayments that will need covering but anyone who may be financially dependent upon you will more likely than not need some assistance too.
Mortgages tend to be the biggest debt that most people have so this should always be catered for with any Life insurance but also there needs to be enough funds to support your family as they will still be there and growing up and have needs even if you are not there to provide an income for them.
You owe it to your family to leave them in a position where they are able to carry on through their lives without you.  Emotionally there is very little that you can do to help them along but financially you can go a long way to ensuring that that part of their life is secure without you.

 

Do you want Advice on Life Insurance?

After you have compared the life insurance information on Go Direct if you would like Life Insurance Advice, please complete our life insurance enquiry form and we will contact you to discuses your insurance needs.

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