Life insurance policies can seem complex, especially at first glance. There is so much to consider including the policy types, policy term, level of cover, illness cover or funeral benefits, monthly costs, and the life insurance company you trust to administer a payout.
The first thing to consider when choosing life insurance cover is the type of policy. The most common type for Protect Line customers is Level Term Life Insurance or Whole of Life Insurance. The former offers you financial protection for a set period of time, whereas the latter provides a guaranteed payout on your death whenever this might be. Any payout would be subject to continued payments of your monthly premium. The main difference between the two is the cost of life insurance, with Whole of Life usually being considerably more expensive for the same amount of cover. There are also options to get Over 50s Life Insurance if you are aged 50-80 and wish to avoid health questions, or a Joint Life Insurance Policy which pays out when either of two people pass away.
The policy term is how long you wish to have cover for. What you choose will depend on your individual circumstances, but you could consider big life events such as your youngest child reaching a certain age, the end of a repayment mortgage, or your expected retirement age.
Level of cover is the size of the potential lump sum payment your loved ones would receive if you passed away. Consider your mortgage debt or rental costs, funeral expenses, the average cost of living (including hiking prices in the future), plus any credit cards and bills etc. The level of cover can also be an amount you simply wish to leave your family, as a gift.
There are many life insurance options to provide you with an increased level of protection. This includes Critical Illness Insurance, which could payout a lump sum if you became seriously ill. Conditions which are covered vary from provider to provider, so it’s important to read the policy wording carefully before or shortly after purchasing.
Life insurance premiums are dependent on all the above, plus your individual circumstances including how you answer the health questions. When getting your life insurance quotes it is important to choose an affordable policy, as you do not want to struggle in the future to make the premium payments. Missed payments can lead to loss of your life insurance cover.
Protect Line only partners with major insurers, giving you the peace of mind that life insurance claims will be dealt with professionally and as expected. Some insurance providers provide extra benefits for their customers, such as mental health counselling, funeral benefit or an annual health check.
Whilst our specialists can guide you through all the above and help you make the best choice for you, Protect Line is a non-advised life insurance brokerage. This means that we cannot offer financial advice but can provide you with the facts and guidance you need to make an informed decision.
One benefit of using a non-advised life insurance broker like Protect Line, rather than an advisory service, is that we are not allowed to push you towards the life insurance providers which pay us the most. This can lead to you getting the lowest premiums and avoiding the extra cost which comes with financial advice. The choice you make is ultimately yours. Your life insurance purchase is protected by key consumer legislation and comes with a 30-day money back guarantee, giving you time to get your policy documents checked by a financial advisor if you wish to do so.