Term assurance is considered one of the easiest and cheapest ways to protect your family’s income after your death. Level term assurance is known as such because it will only payout if you die within a specified term and the level, or amount returned is a set figure. Albeit this kind of policy isn’t as flexible as some, it’s more of a “what you see is what you get” policy – an example being a policy that pays out £160,000 if you die within the following 18 years. Your need for life insurance really depends on your current circumstances. If for instance you are the only provider for a family of three then you should definitely consider a policy, if however you are single, without any dependants then your payout wouldn’t directly benefit anyone. If you decide that you require a policy then the next step is to decide upon your level of cover. Firstly you should work out how much your family will require upon your death. It’s important to factor in any outstanding debts into this amount, and ensure that the amount left will allow your family to maintain their current standard of living. The length of your policy should last up until your children complete full time education or your partner reaches the state pension age. Quite simply, the longer the term and the larger the payout the higher the cost of the policy will be. Your current health and lifestyle also play a major role in determining how much your policy will cost, with smokers, those in ill health and/or with risky occupations paying considerably more. Policy prices vary a lot, changing day to day; therefore it’s a good idea to find a good broker to source your insurance policy. It’s important to note that prices can also differ a great deal depending on the broker, with their commercial relationship and commission rate playing a large role.
Unlike a lot of financial products with term assurance cheaper really is better! Once you have decided upon the details of your life insurance policy going for the cheapest one available is generally a good idea. It’s possible to compare cheap life insurance quotes online.
Liam is a UK based writer.
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