Life Insurance Search

The media these days is full of stories about the “credit crunch” and the belt-tightening response of thousands of consumers who are forgoing holidays, shopping at discount stores, and generally cutting back on their spending as the economic downturn begins to bite. But dropping the life insurance premiums should be one of the very last things any of us should think of doing.  

life insurance is one of those apparently intangible financial products that no one forces you to buy and the benefits of which you will not be around to enjoy. Yet is it can be invaluable - paying out a lump sum benefit in the event of your death, for the protection and security of your surviving loved ones.  

The financial protection and security of your loved ones is not something you would lightly skimp on. That is what makes any decision to drop your life insurance premiums such a false economy. You could say that life insurance is less an option, more a necessity. Given the uncertain economic times ahead, your family and loved ones need financial protection and security more than ever before.  

Your mortgage lender would not be prepared to see you drop your mortgage life insurance – and a good thing too. Of course, you would not want to leave your spouse with the mortgage to repay in the event of your death. But simple mortgage cover would not be enough to ensure financial security.   

Whatever the twists and turns of the housing market, the good thing about choosing life insurance is the very healthy competition in the market for life insurance products. This gives the consumer not only plenty of choice in the variety of products available, but keen prices too. It pays to shop around, therefore, for your life insurance quotes, to ensure that the monthly premiums you pay deliver the best level of protection you can afford. Simply compare life insurance quotes in order to find the life cover that best suits your needs.

You are not limited to the conventional level term life insurance (where the same assured lump sum is payable throughout the term of the life cover), but might prefer a decreasing term policy (if the size of a specific debt to be covered is decreasing over the term of the insurance), or an index-linked policy if you want to ensure that the benefits keep pace with inflation, or even a whole life policy if you want the added benefit of a savings plan to be included in your life cover.  

And this points to another great thing about life insurance cover – the flexibility it offers in the level of protection. Naturally, the amount you pay in premiums is directly related to the level of benefits payable. This allows you an array of calculations for what you think your survivors might require in the event of your death and a level of cover based on what you can afford.  

In conclusion, even when your disposable income is under pressure, it could prove a damaging false economy to do without life insurance cover, because: 

• Life cover that is limited to your outstanding mortgage is unlikely to offer your spouse and family all the financial protection and security they need;
• The life insurance market remains keenly competitive, with prices offering good value for money, so it is imperative that you shop around for your life insurance quote;
• There are many life insurance products to choose from;
• You can adjust the level of Life insurance cover to balance what your surviving dependents might need and whatever you can afford at the moment.

The author of this article is Alan Knight.

This article does not represent ‘financial advice’ as each person’s individual requirements will be unique to their needs. If there is something in the article which you decide to rely on, then make sure you check those details with the person from whom you purchase any product or service.

The views in this article represent those of the author and not those of Netbasic Limited.