Life insurance also known as "life assurance" and "term insurance" could be difficult to understand. Nobody likes to think about death, but the truth is that our loved ones, our family and friends will need all the support they can get once we have passed on.
To help understand life insurance better, LifeAssurancePlans.co.uk has produced this guide for those who are looking for a quote.
- Why do you need to take out a life insurance
- Different types of insurance
- Endowment, family and critical illness cover
- Whole life insurance
- Risk and life insurance
- Saving money on life insurance
Taking a risk
Life insurance policies are based on probability. Although some of us are unfortunate to live shorter lives, most of us complete a satisfactory life span. This is the basis on which life insurance companies invest money.
However, there are certain groups of individuals who are considered to be riskier policy holders and this is due to their life styles. In case someone falls in the riskier group, their premium may be higher than usual. Some of the groups considered to be high risk are as follows:
- Individuals with high a risk occupation – people with an occupation that has higher risk and threats to their life, such as workers at height, offshore gas and oil rig workers, fishermen, the armed forces and pilots etc.
- Dangerous sports/hobbies – people who take part in such pastimes can be considered a greater life insurance risk. These could include aviation, climbing and mountaineering, motor sports, parachuting, bungee-jumping and even skiing, snowboarding or horse riding.
|
|
|
