When you have to pay out for the mortgage, bills, tax, car insurance and god-knows-what-else, the last thing you want to be doing is adding to your pile of outgoings. This is why a lot of people skip on life insurance, but when you’ve got a family and people depending on you, it is a vital bit of protection for your and their futures that shouldn’t be overlooked.
None of us want to think about getting sick or leaving our loved ones early in our lives, but it’s an unfortunate possibility in everyone’s future, and we need to do what we can to ensure the lives of those around us are financially secure in case of a tragedy.
With such a competitive insurance market, there are good deals out there, but be careful not to just go for the cheapest deal, you need to think about quality.
What you want to find is an extensive policy that will look after your family if you or your partner suffer an untimely passing, but you might also want to think about critical illness cover. Most specify a range of medical conditions that they cover, so try and find one that is quite comprehensive. These are usually more expensive, so if you need to cut on costs, at least make sure your insurer specifically covers any medical problems that have cropped up in your family history.
The Association of British Insurers (ABI) introduced a list of 23 compulsory conditions that have to be included in all critical illness policies, so make sure your policy is ABI approved.
When applying for insurance, make sure you’re honest. If you’ve had a health condition in the past, don’t hide it. Your whole insurance policy can be made void under ‘non-disclosure’ if you are not fully honest or choose not to disclose a past health problem.
With one in 20 children losing a parent before they’ve finished full time education, life insurance is important for all families to consider. It may be an extra cost, but it’ll give you peace of mind in the security of you and your family’s futures.
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- Term Life Insurance Definition
- Key Points When Comparing Life Insurance Policies
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