Customize your life insurance and save money
Life Insurance policies have for too long seemed very rigid, leaving customers taking out a one size fits all policy, which doesn’t necessarily suit them. In a modern world where no family is the same as another, and we are now faced with a huge variety of different family and living situations, more and more people find themselves in a situation where a standard life insurance policy may not suit them.
Traditional life insurance will see a customer pay a fixed monthly premium each month, over a period of time, in exchange for an insurance policy which will pay out a lump sum payment to their family if the customer was to die.
Whilst that sort of policy may suit some families, it’s important to note it won’t suit everyone, as everyone’s situation is different. A customer with an interest only mortgage for example may require the same level of life insurance for the duration of their mortgage, whilst a customer on a repayment mortgage may need cover that reduces in value, as they pay off more and more of their mortgage.
Equally, customers who have critical illness insurance which covers both their mortgage, and the amount of money they feel their family would need to live off should one half of the family become critically ill may only need half that level of cover, as the person with the critical illness would still receive statutory sick pay, which whilst not being much, will still pay some of the bills.
If you’ve got just one blanket life insurance, or critical illness insurance policy, now could be the time to make the changes you need to that policy. Simply log onto Life Insurance Quotes and work out exactly what sort of cover you need, over what period of time and for what element of your day to day costs.
The cost of raising children may increase as they get older, so a reducing policy may not suit such cover, whilst the cover needed to cover a repayment mortgage could work just fine as repayment.
You can put together several different smaller policies to give yourself a customized policy which best suits you and your families needs.