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So What's Life Insurance All About?
LIFE ASSURANCE
Life insurance (also called Life Assurance) is a way of financially protecting your family should you die.
The most frequent reasons people take out life cover are to pay off debts upon their death - such as a mortgage - or to provide a lump sum payment when they die to their dependents (thus ensuring their dependents are financially secure).
Usually sold as a single or joint life policy, there are many different types of life insurance contracts available.
CRITICAL ILLNESS
Also known as 'Serious Illness Insurance', this contract pays out a tax-free lump sum if you are diagnosed with one of a number of specified 'critical' illnesses during the term of the policy (eg heart attack or stroke - see list below).
The lump sum payment can be used for anything you want but most people use it to provide an income if they become too ill to continue working. Other uses may be to pay off a debt, such as a mortgage, or if necessary, adapt your home.
Most companies offer policies which cover you for death and critical illness, though it should be noted that normally the policy will cease if you claim on the critical illness aspect (ie you will no longer have life cover).
What should I consider when selecting a Life Insurance policy?
The sum insured
Calculate how much money would be needed in the event of your death to pay off all your debts plus how much income your dependents would require to continue the same lifestyle they currently enjoy.
Or, for a more generalised guide then,
consider insuring your life for between 5 and 10 times your current net salary after tax.
If you are using life insurance to cover the repayment of a mortgage, the initial sum insured must equal the value currently outstanding on your mortgage.
The Policy Term
Once you have decided on the value of cover you need, the next step is to decide how long you wish to be covered by the insurance.
In other circumstances, the Term is a personal decision but your age should be an important influence. You should note that the minimum Term is usually 5 years and most people select a Term between 10 and 25 years.
Do you want the sum insured to be increased automatically in line with inflation ie an "indexed" policy?
Indexation is an optional extra and your monthly premiums will increase each year in line with the adjustment made by your Insurance Company.
Life policies that provide an increasing sum insured are called 'Increasing Term Insurance'; policies that provide a constant sum insured are known as 'Level Term Insurance'.
Finally, you should always read the Key Features Document for a Life Insurance policy to ensure you understand exactly what you will be insured for and any restrictions that may apply. (eg a common restriction is death caused by being involved in a hazardous pursuit.)
About the Author
Jason is Head of Business Development for Protection Insurance a specialist Insurance Website. To get a FREE no obligation Life Insurance , visit us now.
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