CHEAP LIFE INSURANCE QUOTES
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Life Insurance & Critical Illness Deals
Compare Cheap Term Life Insurance ~ Lump Sum or Income Cover ?
Many people who search the web are hopefully not just looking for the cheapest life insurance quote but also getting quality Life Insurance cover; Life Insurance cover to help provide some financial security for people who depend on you as a breadwinner or partner if for example you died, were critically ill or had long term sickness issues.
So rather than looking for a cheap life insurance quote, to make sure you buy the right amount of cover, with the right terms and conditions, you should consider getting some advice not just getting the cheapest life assurance quote for a random amount. The correct Life Insurance Advice means the adviser assesses what your family would need, and compares Life Insurance Providers for cover that suits you best.
Always try to answer questions on the life insurance application as best you can and disclose any existing medical conditions when asked. If you don't give the full facts, you could invalidate your policy and the insurance company won't pay out.
Note if you don't have a partner, spouse or children, dependants or indeed any committments then your needs maybe totally different & you may not need cheap life cover at all.
Term assurance is usually the cheapest life cover as it pays out only if you die within a certain term. Whole of life assurance is more expensive as it pays out whenever you die and may also contain an investment element to them, but such investment-type policies cost a lot more than cheapest life insurance quotes. [ We currently give life insurance advice on plans with no investment element & as the FSA rules changed in 2007 this also includes guaranteed whole life insurance. We do not give life assurance advice on for example whole life insurance with an investment element only but can refer you to an IFA from Sesame ] ie; if you were comparing over 50 s life cover, you may wish to consider this option.
Cheap Term Life Insurance - Lump Sums
This is the simplest and cheapest type of life assurance, and is known as term assurance because you choose how what term ie; how long you're covered for, say, 10, 15, or 20 years (the term). Note the longer the term the more expensive life insurance.
Term life assurance only pays out if you die within the term you've agreed. If you live longer than the term, you get nothing as it has no surrender value. As a couple, you can also take out term cover in both your names, with the policy paying out if either of you die during the term.
Also consider how large the tem life cover you need, rather than just going for a cheap life assurance ie; if this is not covering say just a debt like a mortgage or loan. Common practise is 10 x salary.
Things to look out for if requesting this type of Life Insurance Advice ...What type of new life cover policy do you want? For example
- Increasing policy (where cover and premium rise over the years)
- Decreasing policy or Cheap Mortgage Life Insurance (where cover and premium fall over the years)
- Renewable policies (which let you extend the original term).
- Guaranteed (where life insurance premiums stay the same throughout the term)
- Reviewable premiums (where life cover premiums may go up every year or 5 years gone up at a review) this maybe the cheapest life cover but could end up the most expensive!!
Cheap Term Life Insurance - Uk Family Income Benefit
This policy pays out income to your family or dependants rather than a lump sum. So Family Income benefit maybe suitable for those who do not want the issues of investing a lump sum but just require income on death. This plan may be increasing to help offset inflation.
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Cheap Life Insurance Policy - Check the Small Print
When looking for cheap Life Insurance cover, check for any exclusions - in other words, when the policy won't pay out. For example, many cheap life assurance policies do not cover terminal illness. Others may not cover death while taking part in risky sports. If your health is poor when the policy starts, some causes of death might be excluded or you might be refused cover altogether. eg; You have developed health problems such as had a heart attack, stroke, depression, cancer, diabetes or say stress. Please ensure you advise the Life Insurance Companies otherwise this may result in none-disclosure & the plan is void.
Premiums shown are usually fixed for the whole term life insurance. There are also contracts where premiums are reviewable, after a certain period, usually 5 years.
How flexible is the contract? Can you reduce or increase cover easily as your circumstances change? Are there extra charges for doing this? Does cover stop immediately if you miss a payment or is there a period of grace?
By paying extra, you can usually include a waiver of premium. It pays the premiums if you can't work because of a long-term illness so that your cover is not interrupted.
Swopping Insurers to get Cheaper Life Insurance ?
Are you looking to save money & try and get a cheap life insurance policy? This may mean you may also be looking to change life cover company ? If so check the type of cover agreed once underwritten for the new contract before switching (premiums may have gone up because of occupation or family health issues or because you have developed medical conditions). Also check the new level of cover compared to the previous one. Different benefits may be available, and different exclusions may be applied - for example you may not be covered for medical conditions that have developed before the switch even if these were covered under the previous contract. If you do decide to change, make sure you do not cancel your original cover until you are fully covered by the new contract.
The policy can be set up under trust. This means that in the event of death, proceeds of the policy are paid directly to dependants of your choice. Provided a trust is set up properly, there may be benefits to doing this. Most Insurers proivde standard trust forms. However, using a trust may not be suitable for everyone and because of the complexities we recommend you may wish to seek legal life assurance advice.
What effects the price when looking for Cheaper Life Insurance
This depends on several factors, such as the amount of life insurance cover you want and the length of the term. Naturally, it's also based on the likelihood of your insurer having to pay out:eg; if you're a smoker or do a dangerous job, you'll pay more than a non-smoking office worker.
Term life cover also costs more for men because, on average statistically, they don't live as long.
In conclusion, do not always look for the cheapest life insurance quote, always compare what's covered by a policy, not just the price. Some might be cheaper than others, but they may not offer the same level of protection.
FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A LIMITED PANEL OF PROVIDERS