home / insurance / articles / top 10 life insurance tips

top 10 life insurance tips

Life insurance or life assurance is a very old form of insurance and is bascially a contract between you and an insurance company where the insurance company will pay out a lump sum if the insured person dies before the end of the life insurance contract.

It is possible to take out a life insurance policy on your own life or the life of another individual such as your spouse or business partner, provided that you can show that you have a financial interest in them.

It is also possible to take out a joint life policy of which there are 2 main types; a joint life first death of one of the lives insured; and a joint-life last-survivor policy which pays out on the death of the last of the lives assured.

There are 10 main questions to ask yourself before you take out a life insurance policy.

Do I need life insurance for myself or my family?

Would it be better for me to take out a joint cover or a separate life insurance policy.

Do I need term life, whole life or an endowment policy.

Are the life insurance premiums guaranteed or reviewable?

Does the life insurance policy include terminal illness benefit?

Will the life insurance policy cover all of your debts?

Do you have any cover as part of my employee benefits and for how long?

Is my job likely to affect my future health?

If I choose term life insurance, how long should the policy run for?

Should I name any beneficiaries or let the insurance money be paid into my estate?

Related Sites of Interest

Direct Line
TheIdol Life Insurance