Things to Look for in a Life Assurance Quote
Are you considering a life assurance quote? The pressures of providing for our loved ones can be stressful at the best of times, but how will your family cope financially when you are no longer around to take care of them yourself? A life assurance quote from Premium Life Cover can offer blanket protection and a guaranteed cash payout to ensure your family can survive comfortably in the years after your death.
Choosing the Right Life Assurance Quote
Initially, you will need to consider which type of life insurance or assurance quote you actually need. If you are younger, have just started a family or are stepping onto the property ladder for the first time, whole of life assurance might be a better option. Although this type of cover results in high monthly premiums, you will be covered permanently for as long as the monthly payments are maintained.
If you are slightly older and have already built a family, your best choice will be term life assurance. This type of protection is provided over a predefined period and will be subject to renewal at the end of each term, but monthly premiums will usually be much lower. You will be offered a choice between the two different policy types whenever you apply for a life assurance quote.
What Happens if I Fall Ill?
Any payouts related to your life quote will be determined by the type of illness you are suffering from. Treatable illness won’t be covered (although you can purchase private health insurance for this purpose) but most policies will contain a terminal illness benefit clause which will provide a cash settlement to your family if you are diagnosed with a condition where life expectancy is reduced to less than twelve months.
Always check your life assurance quote carefully to ensure terminal illness benefit is included. An increasing number of insurers are now making terminal illness benefit a standard feature on their policies but you may have to pay an additional premium if you have to add this type of cover independently.
Paying off my Mortgage
Your mortgage will be the biggest debt that you leave behind but your family won’t have to suffer if you include mortgage protection insurance within your life cover quote. In the event of your death, your family will receive a lump cash sum that decreases over the term of a policy to ensure outstanding obligations on secured property loans are met.