Summary

There are many different types of life insurance for different situations, the real question is - do you need it? This article gives you the lowdown.

Life insurance. Do you need life insurance? Page 2

Author: Emma Mayo

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Life Insurance News

Level term assurance means that the premium and sum covered stays the same, so it's good for those with interest only mortgages or those who want to leave a lump sum behind.

Decreasing term assurance decreases year by year in line with a repayment mortgage - as the sum you are insuring is going down. It's not the choice for those who want to leave a lump sum.

Renewable term assurance offers insurance for a short period of time, usually between 5 and 10 years. You have the option to renew at the end of the term but it will be a lot more expensive, which is the downside to this type. You can insure quite large amounts however, and the premiums are usually quite low for the initial policy.

If you decide that you do want to leave a lump sum behind, then think about how much your dependents would need to maintain the same standard of living. For example, your yearly salary would be a good indication. Then multiply that amount by the number of years that you think they will need to be financially supported - and that's the amount you need to insure for. Don't listen to the life insurance company's estimation of how much cover you need, they invariably overestimate by a large margin.

Life insurance doesn't have to be expensive either. A 35 year old man wanting £100,000 worth of cover for 20 years can be covered for less than £8.50 a month from insurers like Sainsbury's, Virgin Money, Asda, AA and Egg - and a number of other big name insurers like Norwich Union, Standard Life and Legal & General come in at less than £9 a month - so it's not going to break the bank!

Search on the Internet for the best deals and you'll also benefit from discounts exclusive to Internet applications. By filling in the quotation forms over the Internet, you're saving them time and money, so they pass on some of the savings to their customers.

If you think you might need cheap life insurance, then why not get a few quotes - you may be very surprised at how cheap it is.