Life insurance is a broad term that includes life cover itself, and may also include other cover like income protection or trauma cover. We’re perhaps most familiar with life cover; also known as death cover, this is an insurance policy which pays a sum of money to your chosen beneficiaries if you die.
Life cover is not the only form of life insurance, however. Other forms cover you for contingencies such as being out of work for some time due to injury or ill-health; becoming permanently and severely disabled; or suffering a specific trauma. There are a wide range of life insurance products that may cover these and other events.
An insurance adviser can talk your through the options offered by a particular insurer. Online tools are very useful for life insurance comparison, as they can allow you to compare a range of products from many different providers so you are more likely to find the right one for your situation.
Life Insurance Needs
Sickness or injury can happen to anyone. If you are unable to work for an extended period of time due to ill-heath, or because you’re recovering from a physical injury, then an insurance product that offers income protection can soften the blow. When you compare life insurance with income protection as a feature, pay attention to details such as the length of time you’ll be covered and the maximum percentage of your salary that you will receive. No income protection will usually cover the whole of your salary, but some pay more than others. It may be worth accepting a higher premium for greater peace of mind.
If the break from work is more than temporary, the effect on your life may be severe. As well as adjusting to life with a disability, a loss of earnings may jeopardise your home and your financial security. Life insurance products that offer a payment in the event of permanent and severe disability can help by paying off your existing mortgage, say, or by furnishing you with enough money to modify your home. When you are comparing products with disability coverage, pay attention to what is covered and what isn’t, how disability is defined, and the maximum amount that you can expect in the event of a claim.
You can’t avoid every risk in life, but you can prepare for possible traumatic events by selecting a product that will allow you to make a claim if something especially bad does happen. Trauma coverage allows you to insure yourself against a particular traumatic event, such as a stroke or a heart attack. When comparing products that offer trauma coverage, consider the likely risks and what your needs might be.
Compare Life Insurance
Bear in mind when you are comparing life insurance products that you need to know the level and amount of cover you want; it’s usually more sensible to compare the premiums of policies that meet your criteria than to look at prices first and check the coverage later.
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