Tips on Choosing the Best Life Insurance

By on November 29, 2021
best life insurance

Choosing the best life insurance can be very confusing, daunting, and depressing. But it’s important to ensure your family gets help and financial protection after you die. Before signing up for a policy, you need to work out exactly what you want to be covered. Then, make sure to shop around to get the most appropriate plan for your current circumstances. Here we’ll give you some tips on what to consider when choosing the best life insurance.

Factors That Affect the Cost

There are certain factors that affect the rates of your life insurance, these are age, gender, weight, height, health (current and past), family history, whether or not you smoke, driving record, hobbies (high-risk hobbies may affect your rates), credit and criminal history. You can look for specific plans such as over 50’s life insurance that may be more affordable and can allow you to leave more money for loved ones after you die, settle unpaid bills or help towards the funeral costs. Certain types of life insurance may also have fixed premiums meaning that your premiums will never go up.

Term Life Insurance or Permanent Life Insurance?

Term life insurance is where you can get life insurance for a specific period of time. This would be great if, for example, you have children and want to ensure there will be funds towards their education or house deposits you can take out a 20-year term life insurance. Or if you have a limited budget but want a large amount of insurance. You can look into changing this insurance policy to a permanent one of your situation changes, however, premiums tend to increase as you get older. 

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Permanent life insurance is insurance for as long as you live. This will cover you whether you die tomorrow or live to over 100. It’s also great if you want a savings element that will continue to grow. This can be used to pay premiums to keep the insurance intact if you can’t otherwise pay, or to use for any other reason of your choice and can be borrowed whenever you like. Permanent life insurance remains the same no matter your age, unlike term life insurance that increases. 

Choose The Right Cover 

Choose a plan the covers your main debts and outgoings like mortgages, loans, credit card debts, etc., and alter your plan if this increases significantly. You also need to estimate the best level of cover which is recommended to be ten times your annual salary. When choosing your plan, it’s important to hope for the best but expect the worst. It’s not a nice thing to think of, but you need to make sure you’re cover will help those that you leave behind when you’re gone to help with funeral costs, unsettled bills, and more. 

Even when you’ve chosen the right insurance plan, regularly review if your circumstances change like the birth of a child, a new or increased debt, and even a change in occupation to avoid any claims being denied due to information not being disclosed.

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Tips on Choosing the Best Life Insurance