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Understanding Life Insurance Policies
The various life insurance terms are confusing. It's all very well for the professionals to be quoting life, whole of life and term, but many people simply don't understand the actual meaning of the words. It's a good idea to ascertain the basic meanings to help you to understand exactly what you're getting, or being offered.
Not everyone actually needs life insurance but the chances are that if you have anyone who depends on you or maybe a young family to support, it's an extremely sensible move. In the event of your death a life insurance policy will support your dependants and offer them financial security at a time when they have enough to cope with, without worrying about how to pay the bills.
Life insurance is basically in two forms - whole of life and term. Whole of life would pay out on your death, whenever that happens. It covers you for the whole of your life. Term insurance policies are taken out for a fixed term, which is agreed at the time which you take the policy out. Frequently you'd take these out for a specific time - maybe to cover the length of your mortgage. If you were to die during the term of the insurance, then the insurance would pay out to dependants. At the end of the term, the cover ends. You would then be wise to re-assess the situation regarding your personal circumstances.
This, very briefly, describes the insurance cover as far as your demise is concerned. However, there are other types of insurance which can give you peace of mind. One that many families have been extremely grateful for is critical illness cover. This is designed to cover you if you were to suffer a critical illness from which you would hopefully recover, but which could leave you in financial distress. Some of the serious conditions mean long periods of treatment whilst you're unable to work, or even unable to continue your current job.
A lump sum is paid when the condition is diagnosed. This can be used in any way you choose. Many people settle the mortgage or pay for adaptations to the home that the illness requires. When taking out this type of cover, you need to sift through the small print and discover just which conditions are covered. Cancer, for instance, is no longer the death sentence is used to be. Very many cancers are treatable and indeed curable and these would not fall into the critical category. Life expectancy has very much improved due to improved treatments and expectation of recovery.
If you're applying for this type of insurance it's especially important to fill in the application form most carefully and disclose any illnesses from which you have suffered in the past. If you have a claim, the first thing an insurer will do is to check your details and if they find a pre-existing condition which you've not told them about, your claim will be at risk.
It's always wise to compare lots of insurance products on a like for like basis. The easiest way to do this is via the internet. Find an independent adviser, who will automatically compare the market and find the right product for you.
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