Life insurance is one of the simplest insurance concepts on the planet. If you die your family gets paid a cash sum.
Term life insurance is always cheaper than
whole of life assurance. This is because term life insurance is for a set
period, so if you are still alive at the end of the term, insurers pay nothing.
Whole of life assurance continues until you
die whenever that may be.
You do not have to be a maths genius to work out that it is going to cost a lot more to buy a policy where the insurer is certain of paying out, than one where they only have a less than 50/50 chance of paying out.
On the other hand, insurers argue that if you buy term life and are still alive at the end of the policy period you get nothing- but if you buy a whole of life cover you must get a pay out -unless you plan to live forever.
Life cover is taken out to protect your family. To pay off the mortgage, to ensure an income for children, to pay funeral costs. Protecting your family from the financial consequences of an unexpected early death makes sense. Paying large sums of money to insurers to pay out when you inevitably die - may not. The children will be grown up and the mortgage paid off- so is there really any point?
The amount of cover a policy offers can
remain level or decrease over time if being used to cover a repayment mortgage
or loan, for instance, or can increase along with inflation, or even can be
paid as an income.
Unlike health or car insurance, you will not be around to argue your corner at claim time. So it is vital to get the right policy now.
Do not be tempted by cash back, free gifts
or special offers.
When considering the term-the number of
years you expect to need cover for, considerations should include intended
retirement date, when children might become financially independent or when a
mortgage or loan is paid off.
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