Thinking about when you might need life insurance cover (sometimes known as life assurance cover) is something few of us relish. Yet, to ignore the need for such a product could leave us, and our families, in a vulnerable position.
Getting a life insurance policyThose of us with dependents find it hard enough to consider the emotional impact our death would have on our loved ones, but it is even harder to think about the unfortunate circumstances they would be left in with regards to financial stability.
So a certain amount of peace of mind can be gained from looking into, and investing in, the vast range of insurance products on the market today.
Most companies and policy providers offer free, no obligation quotations which are tailored to your own exclusive circumstances.
The great thing is that, due to the sophistication of today’s online search tools, you may not need a network of brokers to explain the different types of policies available to you or to search the market for the most competitive deals.
Comparing policies
There are many free online resources available that you can use to make a detailed appraisal of the life insurance market at any point in time.
One such tool is Compare The Market’s comparison tool. This is a fast and simple interface which, by entering just a few key personal details, will provide you with a wealth of information concerning suitable policies.
There are various types of cover available, including whole life insurance and term life insurance. Cover is available to meet differing circumstances including untimely deaths as well as illness cover and critical illness cover.
Many life insurance policies also cover mortgage repayments and other major financial expenses.
Each of these different products are aimed at people whose circumstances affect the way their finances are arranged.
Each type of policy will measure the worst case scenario against the monthly cost of the protection to offer you the best value for money.
Life insurance is not a savings policy
One important thing to remember is that a life insurance policy is not a savings or investment product.
It has no cash value unless a valid claim is made, so it cannot be used as an alternative form of saving.
However, life insurance does ensure that your dependents and relatives are cared for financially after your passing.
It is a very sobering statistic that nearly one child in twenty will lose a parent before they have even finished full time education.
Adults who have failed to invest in the necessary life insurance will be leaving these youngsters to face problematic financial situations as well as high levels of emotional distress.
Don’t be afraid to seek professional advice on your life insurance policy if you need to.
Whilst there are great tools for comparing life insurance policies online, you may feel happier getting advice from a ‘real person’. You are not alone and do what is right for you.
If that means taking a bit of extra time to speak to an adviser then it will be time well spent and will better give you the confidence that you are getting the best policy to meet your specific needs.