Choosing Life Insurance Types

xfsdThere are various types of protection when it comes to the matter of life insurance. Keep in mind that you need to do a sufficient amount of research on the types of life insurance if you wish to be able to choose the most suitable one. For example, term assurance does not provide a cash lump sum whilst you are still alive. It just pays a lump sum in the event of your death during the fixed term of the policy. Different types of life insurance, for example, critical illness cover and income protection cover, and entire life, are designed to provide either a cash lump sum or a monthly payment if you are diagnosed with a listed illness within the policy documents, providing financial assistance while you are still alive. Visit us for great deals in  Vitality Life insurance .

Tips for Choosing Life Insurance Types

JHGJThe correct type of protection policy can often depend upon your existing protection provisions. If you already benefit from a sizeable death in service package from your current employer, then it’s likely that critical illness cover or income protection cover will be your main area of focus.sdsa

For term assurance and critical illness cover, the amount of cover required and the term chosen will depend upon your personal circumstances. Covering the outstanding balance of a repayment mortgage, ensuring that your family isn’t burdened with paying the mortgage on a reduced income once you are no longer around is the priority for some people. For others, they will seek to protect their loved ones from the loss of their income, typically around 5-10 times their annual salary is considered to be an adequate level of cover to enable those left behind to maintain the lifestyle to which they become accustomed to. Some will seek to protect their loss of income due to illness whilst they are still alive, and will choose critical illness cover or income protection cover with a sum assured or monthly benefit commensurate with their annual salary or monthly income, with the primary beneficiary from such policies being the cover holder directly.