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Helpful Guide to Buying Life Insurance: Important Information Before You Buy

A life insurance cover is the peace of mind that you and your family will have financial protection should the worst and unexpected happens. This giver a clear-cut answer to the question “who is it for?” – it’s suitable for everyone! There is a great deal of competition among insurers these days, and an endless list of companies competing for your custom. Though it may seem like a daunting process at the beginning, by comparing the best deals you should be able to find the policy you need at an affordable price.

Our buyer’s guide is designed to help you when choosing a policy, explain all basic information and give some helpful tips, thus showing you how to find a cheap life insurance policy that suits your needs.

What Is It For?

A life insurance policy will pay out a cash lump sum if you die during the policy term. This sum is guaranteed from the start of your life insurance policy as long as you keep paying your premiums on or before the due date. Your family can use the money as they choose.

If you have just bought a new home, a life insurance policy will help your partner pay off the mortgage if you die.

If you have children, they will need to be financially protected should you no longer be able to secure the income. A life insurance policy will provide for them while they are growing up.

What Is The Right Type of Policy?

The choice depends on what your needs are:

Short term: This is a life cover for a fixed period. If you are one of those who want to secure financial protection for a family while your children are growing, then this is the policy for you.

Whole life: This is a life cover for the whole of the rest of your life.

5 Steps To Follow

1. Know Your Needs: As a general rule, you need to know what you’re looking for before you even start searching for quotes. Do you only need a 25-year cover until your mortgage is repaid or you better opt for a whole-of-life policy? Do you need to have your partner covered? Or, do you need to cover your children’s expenses until they reach a finish college?

2. Get Quotes Online: Websites such as CompareTheMarket.com, Protected.co.uk and MoneySupermarket.com can give you plenty of pricing information quick.

3. Read the Small Print: A life insurance policy is a contract between yourself and the insurance company. Just like with any other contract, you have to carefully read every bit of the small print. Check the cover and small print before you buy; otherwise you may have a surprise if you need to submit a claim.

4. Buy From a Financially Secure Company: Insurers, such as Aviva, generally have an A rating.

5. Make Adjustments When Needed: With every major change in your life – marriage, divorce, birth of a child or starting caring for an aging parent, your life insurance policy terms have to be updated to make sure you are fully covered!

An extra tip – get in shape! Quitting smoking, losing weight and reducing your cholesterol and blood pressure can save you tens of hundreds of pounds over the life of a policy.

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