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We all know that life can be unpredictable - not knowing what's around the corner or what can unexpectedly happen to us.
We can spend all our lives saving for the future and building up our wealth in general, but unexpected turns can lead to loss of that which you've worked so hard to scrimp and save.
Bearing this in mind, it is advisable to take out some type of life insurance policy. These policies can help offer peace of mind to yourself and your family in case anything should happen to you by ensuring they are financially stable should anything happen.
There are a range of different policies available, including critical illness insurance - which pays a lump sum if you are diagnosed with a terminal illness or suffer a stroke or heart attack.
There are a multitude of policies available, and it's advisable to shop around for life insurance quotes, but the premise is simple. You pay a little money into the policy each month and, depending on the type of cover, your family can receive payouts upon death and serious illness.
When searching for a suitable life insurance policy it is worth speaking to a financial adviser and also to compare a range of life insurance policies instead of rushing into one particular deal. There are a few points you should be checking when searching for life insurance:
It is important to ensure that you purchase enough cover in order to ensure that payments such as mortgages and school fees are met.
When searching for a policy, look for policies that offer 'terminal illness benefit' - this will help to ensure a payout should you be diagnosed with a terminal illness. It's always best to double-check the policy to ensure there is cover for a range of issues.
When you've selected a plan that suits you, be sure to disclose all details during the application process. Leaving out what might be the smallest details - such as whether you smoke, minor health problems or a history of family illness - could lead to problems for yourself or your family when it comes to claiming should anything happen.
For couples it could be worth taking out two separate single-term policies rather than a joint policy, as this could potentially double the cover in case something should happen to either partner.
Be sure that your insurer writes your life insurance policy 'in trust' - this could help save you tax on your policy.
Check your current policy to see what cover you already have in place, and work your new policy around any cover you already have in place, which can save you money by not having to pay for cover which you have already.
Look into whether your policy has 'guaranteed insurability options' - which can help provide extra cover at no extra cost, and you should automatically have the option to do so.
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