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Common Life Insurance Mistakes Uk
Life insurance looks set to make a comeback in the UK, after a period of neglect by consumers
Hot Topics
- What is the difference between a Life Insurance Broker and a Life Insurance Company?
- A Life Insurance Company is the organisation that actually writes your policy and covers the policy risk. It is also their name that appears on your policy documents and it is their duty to make any payouts if you make a claim.
- Can Life Insurance be arranged quickly?
- It is dependent upon two factors: - Click here to find out more details
- What is the difference between Life Insurance and Life Assurance?
- Many people confuse Life Assurance with Life Insurance but there are several big differences between the contracts.
- What is Term Life Insurance?
- Term Life Insurance is a category of insurance that will payout a lump sum to you or your family if you die or fall terminally ill during the term of the policy.
LifeSearch (a life insurance broker), in the September issue of Money Observer, highlighted a few common mistakes people make when buying life insurance:
* Believing life insurance is relevant to everyone
Life insurance is only relevant to people who have financial dependents. If you have no financial dependents, it might be more appropriate to ( secured loans ) consider income protection or critical illness insurance.
* Paying too much for life insurance
According to Money Observer, research for Sainsbury's Bank Life Insurance revealed that many people take life insurance policies from their mortgage providers and as a result could be paying too much.
* Opting to buy joint life insurance policies instead of single life insurance policies
The advice to married couples is to avoid taking out joint life insurance policies which pay out when the first spouse dies over the term of the ( life insurance ) policy, but not on the second. Single policies could provide additional cover by paying just an extra £3-4 a month.