Life insurance is not always something that we want to consider, however it can truly provide those that we leave behind with some sense of security through financial assistance. When a loved one is lost, this is hard enough, when those that are left have no finances behind them to support themselves and their family, this time can be so much harder to get through.
Life insurance has become a necessity for everyone due to the high cost of living and the fact that mortgages are taking a lot longer to pay off. If you were to pass away suddenly, would your family be able to cope? Would your family have the money to keep a roof over their heads? Some people could answer yes to these questions however the majority of us would have to answer no.
Life insurance is a policy taken out “just in case” and there are currently a number of policies to choose from. You can take out a policy for a specific number of years, and this is a good idea if you work in a dangerous profession, or you can choose a policy that will remain with you for the rest of your life providing you continue to pay your premiums. Premiums will also differ according to the type of life insurance policy you take out and the amount that you insure yourself for. Your current health may also be taken into consideration, especially if you are a smoker.
It is important that you choose a policy that will suit you and the needs of your family. You also need to consider that insurance carriers will not pay unless certain terms and conditions are met. For example, an insurance carrier may refuse to make a payment if:
- A persons’ death is self inflicted, in the case of suicide
- The information you have provided is falsified or fraudulent
- Death is due to involvement in riots or civil commotion
Most policies will cover you for:
- Accidental death
- Critical illness
- Terminal illness
If you think that your loved ones would need a lump sum payment, then this is something you need to look for when choosing your life insurance policy. Perhaps you feel it would be best to have payments made to your family on an annual basis. Many life insurance providers will offer you options and this flexibility is always a good thing to look for, as everyone’s situation is different.
Although life insurance is an additional expense in your household budget, Insurancebuffs are here to help you find the best cover you can for the lowest premiums. Insurancebuffs works with a range of insurance providers who offer a wide variety of comprehensive life insurance policies. Quotes are provided with no obligation on your part and can be used to locate a suitable life insurance policy for you and your family.
Terminal illness, critical illness and accidental death are things that often come from nowhere, you never know when illness will strike or when an accident will happen, but if you have a good quality life insurance policy behind you, at least this will be one less thing you and your family will need to worry about.