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How does life Insurance work?

Life Insurance, Life Assurance, Life Cover

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 Life Insurance, Life Assurance, Life Cover

 

How do these policies work?

They all work in the same way, here is the how

Your Call

You deicide the following variables, (with help from and independent financial broker, I hope) this list of variables is not the completed list, there can be some more, but for now,

  • How much life cover you need, the term used for this is the “level” of Life Cover?
  • How many years is the cover needed for or is it for the rest of your life?
  • What happens with the cover over the term of the policy, i.e. increases or decrease?

Once all the variables are sorted (the above are just a sample of some of the variables) the policy is put in place with the life insurance company.

Your bet in on.

Now the game is a foot, you have put on a bet with the life insurance company that should you die they will pay the amount covered, if you don't die they will pay nothing. For this bet you pay the agreed amount every month or year. This is most likely the only bet between you and another where both parties want the same result, that is, you don't claim the life cover. The insurance companies don't want to pay out and you don't want your loved one to be claiming it. Strange bet.....

The cost of Life Cover

The cost of life cover is determined by a number of different factors including, your age, health, height, weight, your occupation can also be a factor as can your past times, if they are classed as dangerous by the life companies.

Once the price is agreed it should be fixed for that period of time, unless you choose to increase your cover.

Important

Get independent advice, the cost of cover can vary greatly, as can the sturture of life cover policy's,  so make sure your advisor can deal with and provide quotes form all providers. There are lots of variables which need to be looked at to make sure you put in pace the correct structure that suits your individual needs. 

If Unsure

If you need more information or help give us a call. 

Call us today 074 910 3938  

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The above if for information purposes only and does not constitute financial advice in any, we recommend that you speck with us before making any financial decisions. We recommend a holistic approach to financial planning and we can help you put your plans in place.

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