Pitfalls of life insurance

Pitfalls of life insurance

Do you want to buy life insurance?
If advice is deemed necessary, please consult an independent life insurance broker.

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Low start life insurance
Please note the "low start" policy. If you are using a price comparison website to find life insurance policies, you may come up with these policies on cost. But what you might not notice is that monthly premiums increase during the insurance contract. If there is a very cheap estimate at an early stage there may be a very high cost throughout the insurance period rather than taking the same insurance under the level period policy where the monthly premium remains the same .

Two life insurance contracts may be better than one
Couples can purchase joint policies covering both lives, or they can have one policy each. The policy of communal living is paid either as death of the first partner or death of the second partner. For example, in the event that you or your partner dies, it is common for primary death policies to be provided collectively for families to refund mortgage loans. The second death policy can be used to cover the expected inheritance tax (IHT) bill.

However, if you are looking for a cover for you and your spouse, the two single - life policies may offer much better value than shared life. Initially, the two individual policies are often less expensive than the joint policy. If both partners died within the period covered by the policy, that is a doubling of dividends to beneficiaries.

Also, when a joint insurance contract ends with the death of one partner, when a surviving spouse attempts to take out a new insurance contract with his name, as it becomes its original age, a new policy.

A special benefit is that the single life policy is more flexible as payments go to your property and are distributed under your will. Community living policy tends to pay to surviving spouses.

Reviewable life insurance
If the estimate seems to be abnormally low, please check if it is a reviewable policy. Insurance premiums are guaranteed only for the first few years (often the first 5 or 10 years in most cases), not the same monthly premium, as in the case of regular "guaranteed" insurance contracts. As the price rises as you get older, reviewable premiums will not be available in later life.

Health problems in purchasing life insurance
If your health information is on hold, your policy may be invalid and may not be able to be paid. Even if you have an existing medical condition, it is possible to acquire life insurance, but it may be hard to find and expensive in some cases. Insurance surgery is a professional broker that can help you find insurance for people with existing medical conditions.

In the case of certain diseases, seek advice on life insurance for related charities. For example, Cancer Research UK provides information on life insurance for cancer patients.