Insuring the tangible things that we need and love can be a vital part of life. Every year many people across the UK insure their home, car, pet and more in order to cover them if the unforeseen happens. Life insurance isn’t a requirement but might be useful in making sure that our loved ones are not left in a sticky situation should the worst happen. Here at The Insurance Emporium we want to cover the things that you love and believe that you should always love yourself! So what are our top tips for finding life insurance?
There are various types of life insurance available, so you may want to do your research into which is the best for you personally. Due to the numerous options available, you might find it a little overwhelming to sort through the jargon. That’s understandable! Fixed term life insurance means that you’re paid out should your adventures come to an end during the term of the policy. Therefore, once the policy term ends, you can no longer claim. This could often be the cheaper option and will pay out the same amount at any time during the life of the policy. If a fixed term doesn’t work for you then a whole of life insurance policy could be the way to go. These policies might be better if you want cover with no set policy end date. It might be more expensive but usually means that there isn’t a time-scale. Another benefit of Whole of life cover could be that, should you be diagnosed with any long-term medical conditions, you’re more likely to be covered. On top of these options, Critical Illness Cover* is designed to cover you if you’re taken seriously or critically ill and can no longer work. These policies are sometimes sold hand-in-hand with a life insurance policy – so it might be worth checking!
Show me the money!
Working out how much money you need to be covered for can be a tricky business, leaving you feeling like you’ve entered into an episode of Countdown! However, it could be an important factor towards helping ensure that your family are not caught short in the event of a claim. The simplest way to do this might be to break out the calculator and add up all of the outstanding debt, including mortgage, that you’re responsible for paying. Once you have this figure, you’d ideally want to match that in a policy. You might also consider factoring in how many dependants you’ll leave, or any other income that family members may be able to contribute if you’re no longer around. It might take a little bit of time and some head scratching to get this figure right but it could be well worth it in the long run!
The price is right
One of the key factors in finding the best deal on life insurance could be age. In general younger policyholders might find a cheaper deal whereas older people tend to shell out a little more. Pre-existing medical conditions may play a major role in price and often mean that sticking with the same insurer is the best way to go, thus the use of Whole of life policies. Insurers are all about looking at risk, this means that the fitter and healthier you are then the more likely it is that an insurer would want you to insure with them. Staying in good shape could be one of the secrets to securing the cheapest life insurance. Avoiding the cigarettes and alcohol in favour of a nice walk or hitting your five–a-day might not seem like the most fun but it could save you pounds!
Making a claim on a loved one’s life insurance is most likely never going to be a pleasant experience but there are things that you could do to make it as simple as possible. First off, it could be a good idea to familiarise yourself with the policy that you’re claiming on before making a call. It’s likely that you’ll be asked some questions and have to fill in forms, all of which might be stressful if you’re not prepared. People in claims teams are usually experienced in dealing with bereavement, so they should try and make it as painless as possible. In many cases, you’ll be asked to provide a death certificate. Most companies will want the original certificate, so planning in advance and getting numerous copies from the funeral company might avoid extra stress at that difficult time.
The idea of life insurance is to try and give you peace of mind as you go through life’s many adventures. At The Insurance Emporium we have five types of Life Insurance** to choose from, ranging from our Whole of life policy to Fixed or Decreasing term. Swing by today and see if we can help you plan for the future!
*Critical Illness Cover pays out if you are diagnosed with one of several pre-defined conditions. This must be pre-disclosed to the insurer.
**The Insurance Emporium life insurance is arranged by Insurance Broker ActiveQuote Ltd. ActiveQuote Ltd. is an aggregator, not an insurer. They generate quotes from a panel of insurers.
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