If money is tight and you have a growing family and the need for life insurance is at the forefront of your mind then how to you go about finding the cheapest life insurance on the market, but is still going to right for your own family circumstances.
It’s a common fact that if you have dependent children then the need for life insurance should be at the top of your priority list. If it’s not then you do need to sit down and re-prioritise.
Some people don’t take life insurance as they think it’s going to be very expensive. Sometimes it can be depending on your health and circumstances but in most cases you can get life insurance for a fairly cheap premium and certainly much less than what people pay companies life Sky and Virgin on a monthly basis without batting an eyelid. Unfortunately if you die when your kids are growing up Richard Branson doesn’t send you a cheque for being a loyal virgin customer.
So let’s look at some of the factors that affect the cost of life insurance. As you most probably know if you are a smoker then you are going to pay a higher premium than a non-smoker. It’s just the way it is due to the risk of health deterioration. This is statistically proven.
Obviously the older you are then the higher the premium is going to be. That’s just fact and the older you are means you are a higher risk of dying than someone younger and that is statistically proven also.
If you are married or in a partnership then effecting a joint life plan will be cheaper than two separate policies. The downside to this is that if someone makes a claim then the policy will end, but if you had two separate policies and then someone died then the other person would still have the benefit of their policy being live. This is especially important if the survivor health has deteriorated over time and the chances of them getting new life cover is slim
Once you have picked the most suitable policy for your circumstances then when you apply for the policy you have to complete a medical questionnaire. Now it is important to answers this medical questionnaire as accurately and honestly as possible as answering dishonestly or omitting information from the questionnaire may make the policy invalid at the event of a claim. Should you have any health issues that require further investigation then the policy provider may wish to write to your doctor for further information. They may also send out a nurse to do a health screening. If once the policy provider receives the doctors report then they have the option of increasing the premium due to your health disclosures. But it is worth paying an extra premium to make sure that you are totally covered rather than paying a cheap premium and risk the policy not paying out
So if you follow all the above points then you can happily arrange your life insurance safe in the knowledge that you family will be protected moving forward https://www.terminsurancequotesuk.co.uk