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Life Insurance Tips For UK Customers |
Life insurance is a policy that is designed to provide for those that you leave behind when you die. Your “dependents?will gain the benefit of a lump sum which will help with funeral costs, provide an income and emergency support. When applying for life cover you should really consider carefully what the needs of your dependents actually are. Many people make the mistake of opting for nice round figures such as ?00,000 but when you factor in the average wage of ?5000 per annum to that figure you are only providing your family with 4 years worth of salary. Is this likely to be enough? If you have children, a mortgage and debts (loans etc) it goes without saying that the above sum would not go anywhere close to protecting your dependents when you are gone. Consider very carefully: What type of insurance you actually need ?Life cover, Decreasing Term, Level Term etc What your mortgage debt is How many dependents you have ?they should all be provided for until they reach 18 years of age Whether income is required (ie whether the sum assured needs to cover the salary of the person who has died) Whether the amount will cover childcare costs if for example the mother of the children dependents dies Whether you should obtain a joint or single life policy. Many people wrongly think joint is easier and cheaper ?that might be the case in certain respects but you are losing potential benefits Read more Whether the amount insured cover debts such as loans etc when the above factors have been considered? Also bear in mind that you may already have a level of cover with your employer or through your Union. You may need to cover education fees for your children If you are single or do not have any children or outstanding debts, life insurance is unlikely to be necessary, but you may wish to explore Critical Illness Cover or Income Protection. This cover is more specific top your needs. You are far more likely to suffer ill health than to die during your working life. SOUND ADVICE Before you buy ?always shop around. There is a huge difference in premiums from one insurance provider to the next. We have a team of specialists who know how to get the best deal for their clients. If you don’t want to shop around ?we will do this for you. - Don’t cancel your existing cover immediately
Get the timing right before you cancel an existing policy. Wait until all your documents are signed, sealed and received from the new insurer before you cancel previous policies. Don’t get caught out. Consider getting your life insurance policy written 'in trust'. Placing a policy in trust is simple and is usually a free service. You could save hundreds of thousands of pounds in inheritance tax by taking precautions at the time of starting your policy. Finally, never ever withhold vital information on application forms. Any non disclosure will be treated with the utmost severity by insurers who will refuse to pay out. If you do have any issues it is worthwhile actually explaining this on a separate piece of paper. Make a clear note explaining any issues and advise you do not object to GP records being reviewed etc.Martin Nolan is a legal and financial marketer operating in the UK. Helping financial companies succeed on the web. Read more about life cover and permanent health insurance by visiting The Quote Connection website
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