Life Insurance Options

Now that you’re looking for insurance have you started to look at the different types available, suddenly nothing seems as straightforward. Like most people, you might now have decided to purchase insurance because there are other people depending on you financially. The first thing you need to know is what insurance suits your needs?

Before making a final decision however, these are the things you should consider;

What is the value to you?

If you’re a parent with young children, insurance is a good idea to ensure they are provided for in the event of your death. However, if you’re a single person without dependents then consider who will benefit and whether the policy is worth your long term financial outlay.

What do you need to insure?

If your main reason for purchasing insurance is because you want to be certain that your children
will be financially secure in the event of your death, you should be thinking about term cover.
Term cover will insure your life for a term while your children are growing up and by adding a conversion option to the policy you can convert the cover to another contract during term without having to provide and Medical evidence.

Will whole life cover benefit you?

Your own individual circumstances will determine this. A whole of life policy covers you for literally
the whole of your life, it is guaranteed cover for a guaranteed premium. Again, you need to ask who will benefit and what the long term cost might be.