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12 Jul 2020

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Wide choice of life insurance products in existence

There is an abundance of life insurance products such as income protection, accident, illness and unemployment cover and consumers are spoilt for choice, it has been stated.

According to the Financial Times, these types of cover, which offer something to fall back on if life misfortunes strike, are now being offered by everyone from specialist brokers to supermarkets and comparison sites.

This wide choice has resulted in price declines in premiums although factors such as lifestyle and individual circumstances ensure the cost varies considerable in what one ends up paying in the long run.

However, when settling for cover, it is vital for consumers not to let price be the only determining factor, advised the FT, which said the policy needs to tick all the relevant boxes.

The newspaper has listed the pros and cons of a variety of protection products, recommending life insurance cover for those with dependants but warning that premiums can be high for those who like high-risk sports.

Life insurance policy holders can take solace in the fact that the tax-free lump sum can be passed on to a spouse free of inheritance tax, the newspaper stated.

Protection is recommended for everyone including stay-at-home parents.

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Wide choice of life insurance products in existence