Life Insurance Quotes Blog

Summary
Life Assurance, Critical Illness and Permanent Health Insurance should all be contemplated by people who have a wife/husband or children or anyone dependant on them for financial security.  Below we explain what is available and most relevant to you.

It is appalling but a fact that 1 in 3 of us will get some form of cancer before the age of seventy. Sheila Downs,a director at Alex Peacocks and Partners,a firm of Independent Financial Advisors, says “”These are not great odds, so quotes for better life insurance is very necessary”Life Assurance is the most common protection insurance taken out, even though it is doutful as to whether it is the most necessary.  Life cover is imperative if you have a spouse or dependants but not if you are alone as it settles after you die.  Most people feel that they cannot afford to have Life Cover but the reality is that they cannot afford not to have if they have dependants to protect and support. 

RJ Temple a firm of Independent Financial Advisors reveals in a new study that 24 per cent of people with children don’t know if they have Life Assurance or not and twenty five per cent don’t have it.

Many employment packages incorporate life insurance cover but they are normally not enough to grant an income for a husband or wife with dependants and pay the mortgage off.  A typical rule is to cover yourself for 15 times your income.

Virgin Money’s investigations have revealed that during the last ten years the average cost of Life Assurance has fallen by 42% purely because people appear to be living longer due in part to medical developments enabling sick people to recover from conditions that, at one time, they would most likely have died from. People who already have life insurance are possibly not aware of this element and will not gain anything except for when a claim is made, so ought not to feel that they have to stay with their present insurance company – there may well be much better deals around now.

Then again, Critical Illness and Permanent Health insurance payments are on the increase for the reason that people are surviving severe illness  and making claims on these policies.  These types of  life insurance are extremely vital and should bebudgetedfor if possible particularly if there are no dependants. Can I afford not to have an income, is the question you should ask yourself?  For the majority  of us the answer is no and everyone should have income protection.

PHI settles a tax-free income which is calculated on a percentage of your income for ‘non-critical’ and critical illness and for the whole length of time that you cannot work.

Critical Illness cover, will pay out a tax-free lump sum if you become potentially terminally ill, which   help to lighten financial strain or provide for any changes that may be indispensable if your mobility has been affected.  Statutory sick pay (SSP)will not pay out anything like enough to help with  the financial impact that critical illness can cause.

The insurere valuates a premium on your risk profile.  If you have a family history of critical illness or drink excessively or smoke a few cigarettes a day your payments will be much higher.  Premiums are gauged on the individual person but if any of your family have been seriously ill, particularly below the age of forty eight, this could increase your premium by forty five per cent but it’s best to get the cheapest life assurance quotes.