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
Saving money on life insurance
One benefit of using online insurance comparison sites is cutting cost. By using a company that can compare hundreds of policies for you, you will be cutting the cost of searching through many policies yourself. Some of the important factors that you need to be aware of are:
- Joint Life insurance – joint policies are paid out on the death of the first policyholder.
- Critical illness cover – rather than having two separate policies, ie. One for life insurance and one for health insurance, a critical illness cover provide you with option of cover for your illnesses. This is cheaper because you don’t have to pay for two separate policies.
- ‘Written in Trust’ – If your policy is written in trust then in the event of a claim this means that the money goes directly to the person you nominate. It also avoids your estate paying inheritance tax which could mean a 40% tax saving.
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