Life Insurance
- Term Assurance, Whole Of Life Policy, What Do They All Mean?
There are many type of
life insurance and it is possibly the most complicated type of insurance
featured on this web site. From providing a lump sum to pay off an outstanding
mortgage if the policyholder were to die (known as Mortgage Protection Insurance)
to providing an income for your dependents, you must consider your requirements
carefully before deciding which type of life insurance policy to purchase.
What Types
Of Life Insurance Are There?
Standard
Life Insurance
Pays out a lump sum, or income (depending on the terms of your policy),
on the death of the life insured.
Critical Illness
Cover
Can be insured on its own, or in combination with life insurance. It provides
cover if you are diagnosed with a serious disease, such as cancer, or
have a major accident such as a loss of limb. This cover can
be expensive.
Income Protection
This form of life insurance (also known as "Personal Accident
and Sickness" insurance) pays a regular income to the insured person
who is unable to work because of illness or injury. As with Critical Illness
Cover, Income Protection cover can be expensive. Indeed, in certain cases
is can be very difficult to obtain (for instance if your occupation is
deemed to be high risk).
Private Medical
Insurance
Covers the cost of private medical care and may allow you to receive treatment
quickly, or at a time of your choosing, rather than having to wait. Traditionally
this type of cover is offered as part of an employers payment package
to their employees, but it can also be obtained by an individual. See
the Health
Insurance web site for further information.
How can
I get cheap life insurance?
If you don't smoke and don't engage in hazardous or dangerous
activities there's not a lot more you can do to reduce your life insurance
quote.
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