Knowing you have a comprehensive life insurance policy in place will provide peace of mind for
both you and your loved ones.
The purpose of life insurance is to provide a source of income for your children, dependents, or
other beneficiaries. Life Insurance policies will pay your family either a lump sum or a series of
smaller sums in the event of your death or if you are diagnosed critically ill.
LookForLife is an independent life insurance website created to help users find the best possible
life cover quote for their circumstances. The brokers we work with scan hundreds of life
insurance providers for the best deals available. Our service is free, quick and easy to use and
you are under no obligations to accept the quotes you receive.
The cost of life insurance depends on two factors:
1. How much cover you want.
2. How long you want it for.
Then your age, sex, occupation, health and smoking habits are taken into account.
The other issue affecting premiums is your medical history and current state of health.
If you're the breadwinner, you will want to keep your family in something like the style to which they have become accustomed. If you're a carer, then you want to provide cash for professionals to take over because you're not around.
As a rule of thumb, the loss of a partner will result in a fall of approximately 30% in the expenditure of a family. You should be looking at cover of about five to ten times your annual salary.
Until your dependants are old enough to look after themselves. 25 years is about right for most people, or until your savings can adequately provide for you and your partner.
You need to cover the amount of the outstanding debt, up until the debt is paid off.
Is your mortgage a repayment one? If so, you need a Decreasing Term Assurance policy. Or is it
an interest-only mortgage, in which case you need a level term policy.