0800 171 2438Life assurance is a financial product that no one really wants to discuss. However, if you want to put something in place to help your family financially should the worst happen it makes sense to get the best life insurance policy you can.
Although you hope you’ll never need to use it, getting the best life assurance policy is a must for anyone looking to protect their family from financial hardship should they pass away.
Here’s how to compare life cover quotes to make sure you get the best term life insurance or whole life insurance for your money.
Do you need life insurance & if so how much?
Before beginning your search for cheap life insurance quotes you need to ask if it you actually need life cover.
As a general rule, if you have dependants who rely on your income then you should consider a life insurance cover policy to protect them financially should something happen to you.
Typically there are some landmark events which lead to most people to look for life insurance cover; be it getting married, becoming a parent or taking out a mortgage or sizeable loan.
Essentially if you think that your family would struggle to maintain their existing lifestyle, pay the mortgage or balance work and childcare without your income you should investigate life assurance.
For more help read our guide: When Should I Buy Life Insurance?
Decreasing or level term assurance?
If you have decided that you need to take out life insurance then you will need to consider which type of life cover best suits your needs.
There are typically two main types of life cover: whole life insurance and term life insurance.
Term life insurance is designed to run alongside a financial product, typically a loan or mortgage, and is there to pay off your debt should the worse happen. Term life insurance policies will run for a per-determined period - usually the duration of your loan or mortgage etc is paid of- and can either decrease in value along with your outstanding debt or be fixed at a set value throughout.
Whole life insurance is designed to run on an ongoing basis and pay out a lump sum on your death, usually to cover funeral expenses or provide financial support to family members.
However, as we will all pass away at some stage, whole life insurance policies tend to generate more expensive life cover quotes.
If you are unsure which type of life cover is best for your circumstances, read our guide: How to pay less for life insurance.
Check the application criteria
Many life insurance providers limit their cover to applicants of a certain age and then automatically end the cover when you reach a certain age.
If you are looking for over 50 life insurance or over 60 life insurance in particular then this is something you will need to check when comparing the different life insurance policies on offer.
Make sure you are happy with when you policy will expire and any limitations imposed in the terms and conditions and exclude life cover quotes that don’t give you the cover you want.
Compare quotes
Once you know how much and the type of cover your need you can start to search for the cheapest life insurance quote that meets your needs.
Remember that while the cheapest life insurance quote may be the most appealing financially, unless the policy suits your circumstances you will be paying for the wrong type of cover.
You can compare policies side by side to narrow your choices and get quotes from top life insurance companies using our life insurance comparison table.
