Putting a Price on Life
I’ve heard %u2018life insurance'being mentioned in the past but I’ve never paid much attention to it or given it much thought, it seemed to be something that parents or you know,.. proper grown ups do. Then suddenly the other day when one of those annoying life insurance adverts popped up on my screen, it dawned on me that I actually was one of those %u2018proper grown ups'now and albeit not a parent I still really should get myself covered
I really had no idea where to start, I could have picked up the phone and called my father but google seemed the easier option so I sat down with a cup of tea and tried to make sense of it all. I discovered that Life Insurance in essence is a contract between the holder of the policy (the person who has taken out the life insurance) and the insurer, when the policy holder passes away there are usually nominated beneficiaries, which are then paid a sum by the insurer. However, death is not the exclusive trigger for such payment, as some contracts also cover terminal or critical illness. There are a number of types of life insurance namely; term, universal, whole life and endowment.
Term life insurance is type of policy that covers a specific period of time or %u2018term’, payments are normally fixed rate. Term life insurance is generally the most cost effective way to take out a life insurance policy and the policies that normally last 10 – 20 years come at very affordable premiums. Whole life insurance on the other hand is a policy that remains for the entirety of ones life from when it is taken out, in most instances premiums are paid each year to keep the policy continuing.
Armed with my new found knowledge I decided to make the call to dad and find out who his policy was with and how to find the best but not necessarily cheapest deal. After all, you can scrimp and save on many things in life, bumper packs of loo roll, waiting for your dream coat to go in to the sale or buying cheap chess sets to pass away your Sunday afternoons but you can’t put a price on life can you!
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