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What is Life Insurance?
Life insurance is invaluable for many that want to give their family/loved ones the protection of a payout after they have passed away.
Types of life Insurances?
How Does it Work?
When you are thinking of purchasing life insurance, it is important to consider other types alongside term insurance.
How to Compare Life Insurance Quotes
If you are on the hunt for life insurance quotes, it is a good idea to know what to look out for.
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The services received was great. Many thanks to these professionals at mymainsurance. I will definitely use them again.
The standard of service from MyKeyMan was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
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Life Insurance FAQ
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No, but the premiums will be higher if you are older. Many insurers provide life insurance for those over age 50, which can prove invaluable. Those of the older generation can use the premiums as a way to cover their burial costs or other end of life expenses that have accumulated. As the premiums are higher when you are over 50, it is important that you thoroughly compare quotes in order to get a good deal.
Often, people think that single people don’t need life insurance as they often don’t have children and therefore no one is relying on their income each month. However, there are many reasons as to why it is beneficial to have life insurance if you are single. Firstly, it is good to have the money to pay for your funeral after you have gone – you don’t want your loved ones to have to pay for the bill with no financial assistance. Secondly, you may have debts that need to be paid or a mortgage that needs to be covered – you don’t want your next of kin to be responsible for the payments when you have passed. Thirdly, if you have a hereditary medical condition – it is a good idea to get life insurance now before the condition deteriorates your health.
Although it isn’t a legal requirement to purchase life insurance if you have a mortgage, many lenders will recommend you have it. This will protect you and your partner if you pass away during the term.
Many insurers will allow you to add your children to your life insurance policy. This will mean that they are also covered, even if they aren’t over the age of 18 (which is the age at which most insurers will let people apply for life insurance policies).
This will depend on the insurer (some providers might have reviewable premiums, in which the cost per month will be reviewed every 5-10 years) and the type of life insurance that you take out. Term life insurance tends to have fixed premiums that don’t change throughout the term.
This will depend on your personal circumstances and the amount of coverage that you require. In order to calculate the amount that you need, you will have to consider the length of time, how much you can afford to pay each month and other aspects – which will be factored into which provider you choose.
As mentioned above, the cost of the life insurance will vary individual to individual, dependant on their lifestyle, age, occupation, the length of the term, etc. Even though an insurer may advertise their life insurance being as little as £10 a month, this isn’t the case for everyone and therefore should be calculated taking your medical history, lifestyle and the other factors listed above into consideration. On average in the UK, however, life insurance is approximately £30 a month.
The answer to this is dependant on what your personal preference is and what you need it for. Term life, will payout once you have passed, whereas whole life covers you throughout your lifetime. Unlike term life, whole life is designed to build up cash value, whereas term life has no value until you pass away. Many people favour term life over whole life as the premiums that you pay on whole life insurance are more expensive – this is due to the cover, alongside the fact that you can take out some of the money that’s accumulated throughout the term.
Purchasing life insurance is a big decision, no matter what your age. It is most suitable for those who have just purchased a house (and are looking for a joint policy) or have children/loved ones that rely on you financially and would struggle if they were left with no money after you have passed. On average, you should be above the age of 18 to qualify.
This will depend on the provider that you have purchased the life insurance from, but generally, the funds that have accumulated will be forfeited. If you have a return of premium term life insurance policy, you will be able to receive all of your premiums back if you have outlived the term set by the policy.
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