As we know, nothing in this world is truly certain, and it's the unexpected events that can take their toll on individuals and their families. Ensuring that those closest to you will be financially stable should something unexpected happen can be a necessary decision for many. Having a safety net in place can give peace of mind to yourself and your family.
It may be hard to think about, and you may not want to, but eventually you'll have to consider taking out some life insurance cover.
Critical illness cover pays out a lump sum should you come down with a life-threatening illness - such as cancer or a debilitating condition such as multiple sclerosis.
There are a few things you should bear in mind when searching for a life insurance policy.
Ensure you purchase enough cover to cover all your debts - such as mortgages - in the event of something happening to you. This can help provide stability and financial peace of mind to those closest to you.
Consider purchasing two separate single life insurance policies rather than a joint policy. By paying a little more to take out two polices you can not only double the cover but also ensure that your partner is covered against the same circumstances, and that your family will be covered should anything happen to either of you.
Check that your policy includes terminal illness cover, this will help ensure that your family will receive a payout in the event of shortened life expectancy.
Write your policy 'in trust' - this will ensure that your policy won't be taxed and affect payouts which will help your loved ones.
It's worth checking with your employer as to what benefits you currently receive. Look at the terminology used, as some may word the concept of life insurance differently.
By doing a bit more research into life insurance policies you can help yourself when you're shopping around for a policy, as any cover you have at the moment could mean you don't need as much additional cover, and could therefore save yourself some money.
You also have the right to increase your cover for no extra charge should circumstances change - such as marriage, childbirth or simply buying a new home - through the use of 'guaranteed insurability options'.
Be careful, however, making sure you check your policy thoroughly, and don't forget to disclose even those small details to your insurer, as forgetting to tell them something as simple as whether you smoke or have been having aches, pains and pins and needles could cost you dear when it comes to making a claim.
It's best to shop around for a life insurance quote, as there are a wide variety of policies out there. By doing a bit of research into different policies you can help find the best plan for yourself and your family.
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