Tell me about... Life Insurance Policies

08 September 2011 - Which Way to Pay

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Tell me about... Life Insurance Policies

Have you got dependents, a mortgage... What about life insurance? Itís not a conversation anyone wants to have, but the importance of life insurance isnít a something to be avoided. If youíre not properly covered youíre placing your dependents at significant risk - the last thing needed in the event of your death or serious injury!

We often take things for granted when things are going well, but if you were to die and are at present the primary bill payer, itís worth considering what would happen! Bills and especially mortgages can be crippling to finances at the best of times, so make sure all your affairs are in order just in case the payments become more than your problem.

In the event of an insured personís death, a lump sum will be paid to protect those left behind and provide financial protection. Most policies cover death by practically any cause and are relatively inexpensive.

Disablement of varying degrees is also covered by most policies; for example independent compensation rates exist for damage to, or loss of body parts i.e. the loss of a finger could result in payment of up to 30% of the insured sum whereas blindness in both eyes could lead to 100% payout.

The cost of life insurance is based on age (at the start of the insurance), medical history (particularly whether the insured person is a smoker or not), the insurance sum and the insurance term (find out more).



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