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Life Cover Protecting DependentsThis type of insurance policy basically provides money to the dependents of an insured person in the event of his or her death. Most commonly it is used to protect a spouse and children in the event of the death of the family's main breadwinner. In exchange for regular payments or premiums on a policy, a Life Cover company will provide a lump-sum payment, more commonly known as a death benefit, to the policy's beneficiaries mostly after the death of the insured person. The amount of coverage of a policy is generally depends on the needs of the insured. Often a policy will allow sufficient money to pay off a mortgage, pay for college tuition and look after children until they reach the age of 18. Insurance companies are happy to discuss the options with potential customers and provide Life Cover quotes specific to their needs and goals. It is important for the beneficiaries of a policy to be sufficiently fiscally responsible to manage the lump-sum benefit efficiently, since it could be tempting to use the lump-sum for luxuries, such as vacations and high-end cars, instead of investing it for future essential expenditure.
There are a Variety of Policies from Which to ChooseWhile there are many types of policies, the two most common are term life policies and permanent policies. Term policies provide the insured with protection for his beneficiaries for a set period of time, while permanent insurance, such as universal and whole life policies provide coverage over the lifetime of the insured. Term life policies are generally less expensive than permanent policies. Not all policies are equal, and it is important to research the different options available and obtain Life Cover quotes from reliable sources. A cheap Life Cover policy could provide dependents with much-needed financial stability at a very stressful point in time.
Understanding Term Life CoverageOften for a period of 10, 20 or 30 years, term life provides protection for a period, which often correlates with the amount of working years the insured could expect to have until retirement. For example, a 35-year-old might buy a 30-year term life policy which will cover him until retirement at age 65. An insured person may also chose a period of coverage that correlates to when his mortgage will be paid off. The idea of this type of coverage is to ensure that the insured's dependent survivors will be able to maintain the lifestyle provided by the insured's wages and other income in the event of his death. With term Life Cover policies, premiums generally remain the same throughout the coverage period and are guaranteed to pay a specific amount upon death. Once the period of the term has ceased, an insurance company may offer an extended period of coverage at a higher premium.
Understanding Universal LifeUniversal life policies provide a lifetime of coverage and are flexible. This allows premiums and coverage amounts to be increased or decreased, throughout the life of the insured. When the insured has periods of increased needs, such as over the period of his mortgage, he can increase his coverage, and then decrease it once his mortgage has been paid off. Universal policies also have a tax-deferred money savings component, which allows the opportunity to build savings over time. Because of their lifetime nature, these policies typically have higher payments or premiums than term life policies.
Understanding Whole LifeLike universal policies, whole life policies provide for a lifetime of coverage. Typically, policy premiums are fixed throughout the lifetime. Whole life policies have a cash value that functions as a tax-deferred savings component. As well as providing insurance coverage, these types of policies are commonly used as a form of tax-deferred saving account and estate planning tool.
The Cost of Premiums and Choosing CoverageInsurance companies use rate classes, also known as risk-related categories, to determine the cost of policy premiums. The rate class a potential policy buyer falls into will be determined by factors including health, lifestyle and family medical history. A smoker can expect to pay higher premiums than a non-smoker for the same amount of coverage. Similarly, someone with a dangerous occupation, such as an oil-rig worker, can expect to pay higher premiums than someone with a desk-bound job.
When considering a life policy, it is first necessary to determine whether term or permanent coverage is most appropriate. If there is a lifetime need for coverage, then a whole or universal life policy may be most appropriate. If the need is for a specific period of time, such as the period of a mortgage, a term life policy may be best. As well as coverage, the amount that will be paid out to beneficiaries should also be considered. It is important to consider factors including potential lost income, assets, debts and liabilities, mortgage costs, college fees and other essential family expenditure. Even cheap Life Cover coverage is better than no lifecoverage, if the insured has dependents
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*The information provided is based upon a £100,000 life insurance only cover for 30 year old feamle, that's a non smoker within normal health condition, quotation based is sourced on a guaranteed basis and with 25 year level term - details correct as at September 2009.