Cheap life insurance policy
What is a cheap life insurance policy?
A cheap life insurance policy provides a customer with a life insurance package, that will see the customer’s family receive a lump sum payment, should the customer die within the term of their policy.
A cheap life insurance policy provides a customer with complete peace of mind that should the worst happen to them, that their family will still be looked after, and will have somewhere to live, and money to get themselves back on their feet.
A cheap life insurance policy will come in two main different forms, although there are naturally variations on the themes of the two differing policies.
Term cheap life insurance policy
A term life insurance policy offers a customer life insurance over a certain term, which is usually the length of their mortgage. Term life insurance recognises that the majority of customers who look at life insurance have a certain period in their lives when they have substantial financial responsibilities.
These include paying for their mortgage, and supporting their children and the two often coincide with each other.
Whole cheap life insurance policy
A whole cheap life insurance policy provides life insurance for a customer for their entire life, and does not run out at the end of the term during which they pay for their life insurance.
Whole life insurance is around eight times more expensive than term life insurance because of the number of customers an insurance policy has to pay out too. Term life insurance is rarely offered beyond a customers 60th birthday, so the majority of customer outlive their term, never receiving a pay out for their families.
Whole life insurance is different, and every customer eventually receives a pay out. This means the life insurance provider must charge more than the pay out in premium charges throughout the term of the policy, to make any profit at all.
Why do I need a cheap life insurance policy?
A life insurance policy provides you, and your family with complete peace of mind that should the worst happen to you, and you be unable to earn money anymore, that they will be left with enough money to pay off their mortgage, and get themselves back on their feet.