A life insurance policy is a great way for people to provide themselves with the peace of mind that their family members will be financially supported in the unfortunate event they pass away unexpectedly.
A £200,000 life insurance policy would help to provide a family with the funds it needs to pay their loved one’s final expenses settle any outstanding mortgages or personal debts and also have the financial ability to cover living costs without having their family member’s income.
Why Do I Need Life Insurance?
The truth is there is no requirement or set standard for everyone to have a life insurance policy. Depending on what chapter you are in your life, you may not need or have ever considered life insurance coverage.
Many individuals who should have life insurance, however, have never considered purchasing a policy or have not yet gotten one into place. If your family and loved ones rely on your income to pay living expenses, life insurance is something you may want to strongly consider.
Although many people believe that paying life insurance premiums is an added expense and the likelihood they will ever need the coverage is minimal, it is important to keep in mind that anything can happen.
The unexpected death of a family member is likely something you have not even considered, but in the unfortunate case that it should happen to you and your family, wouldn’t you want to know they will be financially cared for after you are gone?
Having a life insurance policy removes the stress of trying to pay for many final expenses
Those who purchase life insurance early on in life very quickly realise the value behind having a policy. Should the policyholder develop a health condition after purchasing life insurance, he or she will have more peace of mind knowing that, in the more likely case he or she could pass away from health issues, the family will be well cared for.
The funds that beneficiaries receive from a life insurance policy can help to pay a loved one’s final expenses and outstanding debts, helping to ease the grieving process.
What Are the Most Popular Types of Policies?
There are a number of different life insurance policies available on the market, but some of them are more popular than others. Term life insurance, for example, is a popular choice for those who are interested in making sure a fixed liability will be paid for, such as a mortgage.
This type of policy grants the holder coverage for a set amount of time, known as a term, which usually lasts between 20 and 50 years. Whole of life assurance works in the same way, except the policyholder and his or her beneficiaries are covered for the policyholder’s entire life instead of just a set amount of time.
How Much Does Life Insurance Cost?
The cost of life insurance, expressed in terms of monthly premium payments, is usually calculated based on a number of factors that are unique to each situation. Some of these factors include the type of life insurance policy being quoted, how much coverage is included, whether or not the policyholder is a smoker, and the overall health and lifestyle.
Every insurance company is different, and while most individuals are accepted with standard premium terms, there is the option to pass on the quoted coverage should they find premium payments to be too high.
Some positive news that has been coming out of the life insurance market lately is that premiums for policies have been dropping over the last several years, meaning that obtaining life insurance is cheaper for individuals.
Genesage can help policy seekers to compare different insurance companies and rates in a comprehensive way which allows them to choose the best policy for their needs and their budget. In the table below, you can compare whole of life insurance rates for different length terms, different levels or coverage and for both smoking and non-smoking individuals.
How Can I Find the Best Life Insurance Quote?
Finding the best possible price for life insurance usually takes a bit of comparison. The knowledgeable team at Genesage can help you to compare different policies as well as different insurance rates for the same policy from different insurance providers.
Doing this will help you find the best possible coverage for you and your family at a price that will not break the bank. Genesage’s team is always available to help answer your life insurance quote questions and help you begin looking for the right policy for you.