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Life Insurance – the Who, Why, What, Where and When
So you think you need life insurance? Here's a quick guide.

Guest Author: J Tillotson

Who needs life insurance? 

Anyone in dangerous jobs and those with large and/or young families, gain more from being insured than anyone else. Young, single folk with no obligations or dependants may not require as much cover, and therefore may decide to wait until they have a family or commitments such as a mortgage.

Why get life insurance? 

If you have a mortgage or other financial commitments, a family or dependents, it’s worth getting yourself insured. Life insurance can pay for funeral expenses, pay off your mortgage, provide for your family during the worse periods, and generally give peace of mind all round. Each policy is different, so shop around and read the small print to find one that suits you with the level of cover you need.

What type of life insurance? 

Level term insurance lasts for a fixed amount of time, and will pay out a guaranteed sum upon death – if the death occurs before the policy ends. You can also get this type of insurance converted to a whole life or endowment policy at the end of the term.

Decreasing  term assurance  is similar, but the sum payable decreased each year. This is sometimes used to protect mortgage interest payments.

The opposite to the above, an increasing term takes into account inflation and the value of money decreasing, therefore the final sum increases with time.

Where should I get life insurance? 

There are many companies out there offering  life assurance , so it’s worth shopping around to find the best deal. Read up as much as you can about it beforehand, perhaps make a list of things that it’s important for your policy to have, before committing to any one company. Don’t be afraid to collect quotes.

When should I get  life insurance ? 

As soon as you have a family and gain financial commitments, then it’s time to think about it. Try to imagine who or what you’d be leaving behind – can they cope without you? If the answer is no, start looking into cover.

Article Source: http://www.articlesbase.com/insurance-articles/life-insurance-the-who-why-what-where-and-when-273311.html

About the Author:
J Tillotson is an author specialising in insurance.

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