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Summary:

Too little life insurance and your family will struggle. Too much and you may find it difficult to make the payments. Get the right balance.

Life insurance – getting it right

Author: Dot Piper

Life Insurance and Life Assurance are not the same!: Life Insurance and Life Assurance are different. Most people assume they are one and the same product and their online searches reflect this. What are the differences and what are they used for? This article provides an explanation for the layman.
Life Insurance. Why does less than half the UK population have cover?: There are still lots of families without life insurance cover. This article investigates the reasons.
Critical Illness Insurance. Big changes on the horizon: Critical illness insurance is beginning to price itself out of the market. But moves are afoot to bring in Menu Pricing. This will enable you to select which illnesses you want to insure against and you simply pay for that level of cover. This article explains.
Life Insurance. Should your policy be written in trust?: Far too few people get their life insurance policy Written in Trust. This article explains the overwhelming advantages
Critical Illness Insurance. Are your children insured?: Ensure that your critical illness policy automatically covers your children. This article explains why it's so important.
Insurance. Duplicated insurance wastes money.: You'd be surprised how many of us inadvertently duplicate insurance cover - and it's a total waste of money. This article explains.

Life Insurance News

One of the most tragic disasters that can happen to a family is the death of a parent. From an emotional point of view it is devastating, but if that person is the one the family depend upon for their financial well-being it can be a financial disaster too. If your family would suffer financially if this happened, you should think about life insurance.

To help you to assess your needs, think about the value of everything you own. There will probably be your home and full contents. Include such things as cars, caravans, boats and holiday homes. Don't forget all your personal items, such as jewellery, collections of coins, stamps or similar. Remember items that have been passed down to you. Then there may be PEP's, ISA's, pension plans and the like. Include any life assurance which you may have tied in with your employment. All have a value and all add up to the value of your current assets.

Next, you need to think about your current liabilities. These are typically your mortgage, loans and current commitments.

Whilst it's true that your family would normally inherit all the assets, you need to get a clear idea of their true worth in order to ascertain just how much insurance you'd need to provide a reasonable standard of living for the family.

You could then look at the likely earning power of the family. Would your partner be able to work, or maybe they contribute already? If so, could this continue with a family to care for? Are there any other sources of income for the family, such as buy to let, pension plans etc?

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Did you know?
Last year the average Buildings Insurance premium went up by 1% to just over £205 and the average for Contents Insurance premium rose by 2% to £151. But within the overall market we've seen some much bigger rises - one insurer has pushed its premiums up by 6%. That's why is pays to get a range of home insurance quotes - and never accept the first you get.

Did you know?
Secured loans always attract the lowest interest rates. That's because the lender is protecting his risk by taking a legal charge against your property. Then, if there is a default, the lender can call in the loan and, in the final event, sell the property in order to recover the money you owe.

Did you Know?
The concept of medical insurance was proposed in 1694 by Hugh Chamberlen. In the late 19th century, early medical insurance was actually disability insurance, in the sense that it only covered the cost of emergency care for injuries that could lead to disability. This insurance model continued until the early 20th century when patients were expected to pay all other health care costs out of their own pocket under what is known as the fee-for-service business model. Modern medical insurance programs emerged mostly after the 2 nd World War.

Today in the UK, most comprehensive private medical insurance programs cover the cost of routine and planned health care procedures, although emergency care is still largely the province of the National Health Service.

Did you know?
A survey conducted by Experian, the largest UK credit reference agency, found that 54% of applicants for personal loans were refused. Of those accepted for a loan, 43% were offered a higher rate than the rate they saw advertised. That's why, if you're searching for a personal loan, it's a good idea to apply through a loan broker who will know the lenders who'll best suit your circumstances.