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Tips for Choosing a Life Insurance Company for the cover you need - If you are looking for term insurance and critical illness, you can make big savings by buying a combined policy. These only pay out one lump sum rather than the two that separate policies would pay, if you suffer a critical illness and then die. Obviously, the cost of monthly premiums is going to be a major factor in your choice of insurer but, it should not be your only consideration. Product Quality There can be major differences between UK life insurance policies so it is important that you compare like with like and check the small print. This is particularly important if you are including extra's such as Critical Illness Cover. Always read the Key Facts document carefully and look for some of the following benefits: ?Are the premiums Guaranteed? This means the premiums are guaranteed to remain the same throughout the term of your policy. This is opposed to `Reviewable´ premiums which, as the name suggests, are reviewed usually every 5 years and can increase dramatically. ?Check that the policy has terminal illness benefit included. This is a valuable extra which is now included in most Term Life Insurance policies for free and will pay the life insurance amount early if you suffer a terminal illness. ?Can the policy be written in trust? This will avoid any delay in the money going to your dependants and the risk of inheritance tax being charged on the benefit. ?Can waiver of premium « Previous Page « » Discuss it » Continue Reading »
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