How to get the best life insurance deal?
Life insurance coverage is one of these things that you never get to appreciate whilst you are alive. It only costs money right? Well, ask the widows and children about what they think about life insurance and how important it was for them. Life cannot be planned for the full 100% and it always has surprises in store. Some good, some very bad. Life insurance gives you the knowledge that the plans you had set out on can be achieved even when you are no longer there to provide financially. How can you not appreciate that?
After medical insurance, which you can read all about here, life insurance is another protection product that, according to financial planning theory, should be in place before you think about investing in general. Life insurance needs can vary depending on where you are on the financial lifecycle.
When you obtain life insurance the insurance provider effectively takes on a risk that it will have to pay out the agreed sum in case of your death during the term of the insurance. The life insurance company has actuaries whose main task is to determine that very risk and calculate the required premium accordingly. It doesn’t take a rocket-scientist to understand that the insurance risk for a 25 year old and a 55 year old will differ like day and night.
We have developed a simple guide which will help you to calculate your personal life insurance needs. It is straight forward and designed to make sure you don’t forget any important areas of cover. Once you know the insurance needs a premium calculation can be made based on your age and other factors. Access the detailed life insurance need calculation page here and learn about other uses for life insurance and how they can help you.