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What is life insurance?
Life insurance is a type of insurance contract which pays out a lump sum to your dependants should you pass away during the term of the contract. The cost of a policy is determined by a number of factors including your age, health and lifestyle.
Why should I take out life insurance?
Life insurance is a vital part of financial planning for anyone who has dependants.
By ‘dependants’, we mean anyone whose circumstances and material wellbeing would be affected by your death – for example, your partner, your children or anyone else who is financially reliant on you.
Thinking about your death and its inevitable impact on your family’s circumstances is difficult – and many people simply shy away from the topic. But not doing anything could put loved ones at financial risk. That’s why it’s important to confront the issue and take out life insurance.
How does life insurance work?
In most cases, the most effective form of life insurance is called ‘term’ insurance.
This type of policy pays out an agreed amount – the ‘sum insured’ – either as a lump sum or as a regular income, if you die within a specified period – known as the ‘term’.
You choose the size of the pay-out and the length of the term. For example, you may decide to have cover in place until your children are grown up and have left home.
These decisions aren’t always straightforward, which is why we’re here to help. Our dedicated page on how to work out the amount of life insurance cover you need will help you arrive at a sum insured that reflects your family situation.
What’s the average cost of life insurance and what affects the price?
Life insurance policies can start from just £5 a month.
However, the cost will vary depending on factors such as your age, health, occupation, whether you smoke, length of the term and whether you choose add-ons such as critical illness cover.
MoneySuperMarket found that smokers on average pay £18 more a month for life insurance compared to non-smokers*. And adding critical illness cover, which pays out on the diagnosis of one of a list of serious medical conditions, typically increases your payments by almost £28 per month**.
An alternative to straightforward term insurance, where the amount of cover stays the same for a set number of years, is what’s known as ‘decreasing’ term insurance, where the amount of cover reduces over the years (usually in line with a mortgage). This means decreasing term insurance costs less, all other things being equal.
Buying Life Insurance at MoneySuperMarket infographic
Getting a life insurance quote
Life insurance is hugely important if you have dependants. It’s there to provide money if you die during the term of your policy.
You can add your spouse or partner to the policy as well. And it’s also possible to include critical illness cover, so that you’ll receive a pay-out from the policy on diagnosis of a severe ailment or condition.
But most of us have little or no experience of buying life insurance. After all, policies can last for 10, 15 or 20 years or even longer, so it’s not as if we’re going through the process every 12 months as we do with car and home insurance.
That’s why we are constantly striving to improve the way you can get a quotation and buy your policy.
MoneySuperMarket works with a number of the UK’s leading life insurance companies to offer you high quality cover at a competitive price.
When you run a quote with MoneySuperMarket, we’ll ask you a range of questions relating to your health, lifestyle and background.
We ask these questions to see if we can offer you a personalised quote which reflects your individual circumstances. These are shown as ‘guaranteed’ prices that you can access immediately through MoneySuperMarket: the price you see is the price you pay.
You may also see some prices marked as ‘referred’. This means you will need to confirm some details before they can guarantee a price.
Where prices are marked at ‘indicative’, you will need to re-answer the questions on your health and lifestyle when you get to the insurer’s website, and the price may change.
Why Using Car Insurance Quotes Will Help Drivers Find Cheap Car Insurance - OS ANGELES, Sept. 1, 2018 /PRNewswire-iReach/ -- Cheapquotesautoinsurance.com has released a new blog post that explains how drivers can use quotes and get cheap car insurance!
Auto insurance is required in every state, except New Hampshire. Moreover, each state also imposes minimum coverage limits. Anything above those limits is a policyholder's personal choice. In order to tailor an affordable coverage plan, drivers are recommended to use online quotes. They can get them for free from https://cheapquotesautoinsurance.com.
Car insurance quotes are as close as is it gets to a real-life negotiation. The numbers displayed are obtained after analyzing the info added by the driver. And they are the same basic questions asked by any agent who evaluates a customer.
How can they help drivers find cheap coverage? Simply by comparing multiple quotes, a person will be able to sort prices. It is important to remember that quotes must be for the same product.
Besides adding the same info about the car, driving history and coverage limits, other aspects must be taken into consideration. Compare quotes that have the same discounts and additional services (like roadside assistance or windshield repair).
Drivers can choose to get quotes from insurance companies or brokerage websites. The main advantage of using brokerage websites is that they display multiple deals in the same results page. Clients can quickly check prices for companies that sell in their area.
"Car insurance quotes will help you save hundreds of dollars. Spend just a few minutes comparing quotes and you will be greatly rewarded", said Russell Rabichev, Marketing Director of Internet Marketing Company.
Cheapquotesautoinsurance.com is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
For more information, please visit https://cheapquotesautoinsurance.com.
Media Contact:Russell Rabichev, Internet Marketing Company, 8183593898, russellr@gmail.com
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