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Life Insurance: Why Theres No Need to be a Desperate Housewife Life insurance looks set to make a comeback in the UK, after a period of neglect by consumers who were simply occupied with affording a home. The stabilising of the UK house market has made many consumers take a broader view to their personal finances. 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 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 policy, but not on the second. Single policies could provide additional cover by paying just an extra £3-4 a month. * Missing out on a trust The Tax Man can claim up to 40% of your life insurance payout as inheritance tax. According to Money Observer, those with assets totalling £275,000 or more (including a house) are especially prone to tax inspection. Writing your policy in trust is a » Discuss it (all 4) » Continue Reading »
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