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Life Insurance - A Beginner’s Guide
When it comes to life insurance we have two primary types of policy to choose from term life insurance or whole of life insurance. Many people find it hard to come to a decision about which type of policy to take out.
The most popular type of life insurance is, without a doubt, term life insurance. This kind of policy will be set out to last for a specified ‘term’ i.e. it will last for a set time period.
Many people opt to take out a term life insurance policy because they know that they will no longer have a great need for insurance at the end of the specific term.
A whole of life policy, on the other hand, will suit those of us who want protection for the rest of our days. This kind of life insurance is designed to last until you die so you’ll be covered in the short, medium and long term.
There is a guarantee of payment with a whole of life policy that isn’t there with a term policy. Once your term policy is finished that really is it you are only guaranteed a payment if you do die while the policy is in force.
Many people make their choice here based on their budget. The fact that a term life insurance policy may not ever make a payment (i.e. the fact that you will probably survive your policy) means that insurers can offer lower costs. A whole of life policy with its guaranteed payment at some point is consequently more expensive.
The choice you make here will be a personal one and may well depend on your financial circumstances. The vital thing to remember is that some form of life insurance cover is vital for most of us especially if we have a family to consider and we can consequently get great protection from either kind of policy at the end of the day.
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