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Life Insurance
insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"
Do You Really Need A Life Insurance Agent
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There was a time when life insurance policy brokers were hardly welcomed as a friend. The mere appearance of a policy broker was treated with suspicious eyes. They were not enemies but someone who was not worthy of friendship as far as personal insurance was concerned.
Days have changed. Now an insurance consultant like me is as welcome as a lawyer or a doctor in need, to the clients. The only difference between these professions is that you need an insurance agent even before you can predict something.
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However, do you really need an insurance agent to work things out for you!
Certainly not! You can easily do it yourself if you know certain things and can calculate meticulously. You just need to have the patience to move from one company to another to gather information on available policies.
Let us put down how you can plan your own insurance – yourself:
1) There is no dilemma on the issue that you need insurance, but you need to decide what type of insurance you need.
2) When you are sure of the type of insurance that will help you the most in future, depending on your present financial condition, contact a few well-known insurance companies and ask them life insurance quotes.
3) Search a little bit further and you will surely find something that will best suit your purpose. You can select from insurance policies from broad categories like:
a) A policy that pays out lump sum after the policy holder’s death
b) A policy that pays out lump sum or adds to the income if the policyholder is critically ill or cannot work due to illness or accident
c) You can also look for a family life insurance, mortgage life insurance and mortgage protection, income protection or an unemployment cover depending on your need
4) Selecting the best life insurance policy is the most crucial part of the whole process. As you are doing it yourself without any prior knowledge of present insurance market and available policies, the process may even take months before you can come to any decision.
5) If you are late to start an insurance policy, the premium may be a bit high. Calculate the premium, payment dates, return on investment and others to get a clear view of what is awaiting you in the future.
6) While deciding the premium amount, don’t just depend on your present financial condition. Before signing the document, be sure that you can pay the premium till the end without disturbing a healthy lifestyle. Saving for future is good and necessary but an excess of it is not a healthy sign.
7) Read the offer document carefully before signing and submitting the document.
Alternatively, you can contact some reliable UK based online life insurance brokers to compare different life insurance policies.
Bob Hudson is an insurance consultant. For more information on insurance policies and coverages, Bob recommends http://www.directlife.co.uk/
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