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Life Insurance - why do you need it?
You may want Life Insurance to provide some financial protection for the family or to cover the payment of an Interest Only Mortgage.
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- Life Insurance - why do you need it?
- You may want Life Insurance to provide some financial protection for the family or to cover the payment of an Interest Only Mortgage.
- Should you have a “Guaranteed” or a “Reviewable” policy?
- With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
- Should you include Critical Illness cover on your Life Insurance policy?
- You should certainly consider taking out Critical illness cover whether you combine it into your Life Insurance policy (which is by far the cheapest way to buy both insurances) or you take out separate policies (which gives you far more protection – see below).
- Should the cover be on joint lives or separate lives?
- It may be better to buy separate policies.
- Can you have different levels of cover on a joint life policy?
- Yes you can - but it may be better to buy separate policies.
Another frequent use is to repay a Mortgage if the mortgage holder were to die. Taking out life insurance ensures that you can be certain that your mortgage will be completely paid off if you die during the policy’s term. Usually it will be a condition of the mortgage lender that you take out Life Insurance to cover a mortgage.
If you do not have dependants, you may feel that it is better to take out Critical Illness Insurance. That way you benefit from the cover yourself if you become critically ill or permanently unable to work through illness or injury.
If you do have a family you should consider insuring against critical illness as well as taking out Life Insurance, so that the mortgage would be paid off or a lump sum provided if you become critically ill or unable to work.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- Is there any investment value in your policy?
- You have a Repayment Mortgage. What sort of Life Insurance do you need?
- You have an Interest Only Mortgage. What sort of Life Insurance do you need?
- How much should you insure for?
- How long should you insure for?
- Should you have a “Guaranteed” or a “Reviewable” policy?
- Should you include Terminal Illness Insurance?
- Should you include Critical Illness Insurance on your policy?
- What is the difference between Critical Illness Insurance and Terminal Illness Insurance?
- Which optional extras are important for Life Insurance?
- If your insurer asks for a higher premium because you are Rated, is it worth applying to another insurance company?
- Do I need mortgage payment protection insurance ?
- What do you need to know about life insurance
- Do you have to buy your Life Insurance through your mortgage lender or mortgage broker?
- Go to menu of Frequently asked Questions about Life Insurance
- Go to menu of Frequently asked Questions about Mortgage Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance
- Go to menu of Frequently asked General Questions