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Life
Insurance
Life Insurance
products come in a varied number of forms and guises. Each
is designed to offer you protection against unexpected
events which could leave you, or those who depend on you, in
financial troubles.
When it comes to making a
successful claim, following the death of the policyholder
during a specified time period, term assurance will pay a
tax free lump sum in return for a static monthly/annual
payment. When a
term life insurance policy comes to an end, the policy
is terminated and there is no maturity pay out to the
policyholder.
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Many people need a
life insurance policy. However, its importance
is heightened when there are other people who depend
on you for financial support e.g. a partner,
children, parents. If the policyholder were to die,
a life insurance policy would help the remaining
partner to meet overheads such as loan or credit
card repayments, mortgage payments, university fees
and day-to-day living costs.
As with all forms of
insurance, the insured policyholder is transferring
the risk of an event or outcome to the insurer. In
return, the insurer receives a premium based on the
risk and likely claim value. |
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Life insurance policies
have
grown in popularity in recent years as the financial risk we
carry each day grows. Each step up in credit, loans and
mortgages leaves more for your partner to cover if you’re no
longer around.
A new form of life insurance
has been introduced to the market relatively recently -
critical illness life insurance. This form of life
insurance will pay out to the policyholder in the event that
they become terminally ill. It is important that the
customer reads the illnesses and conditions which will be
set out in their policy document. You should look at your
family history to get a feel for what conditions are likely
to affect you - check that these are covered by your
critical illness insurance policy.
Compare life insurance products with
Insurancewide.com:
Life Insurance Comparison
Mortgage Payment Protection
Income Payment Protection |
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