It’s all too easy to put it off. But if you have children, a partner or other people that depend on you financially, arranging a life cover policy is probably one of your top priorities. After all, if your family depends on your income, it’s worth considering how they would manage financially should the worst happen to you.
If you own your own home, your biggest financial commitment will probably be your mortgage. But, it’s also worth taking a moment to estimate the overall cost of raising your family. Just use this online life cover calculator to get a quick idea how much cover you’ll need.
The chances are it’ll be more than you might have first thought.
The good news is that taking out a life cover policy that provides a cash sum following death during the policy term is now fairly simple to do. And there’s even a quick and easy way to see that you’re not paying over the odds.
How to save on your cover:
The cost of taking out a
life insurance policy goes up every time you have a birthday, and again with every six months that pass by. So arranging your life cover sooner rather than later could save you hundreds of pounds.
Just take a look at this example, taken from the quick quote calculator on greenbee.com on the 5 June 2009:
Example monthly premiums for a single life based on a male non-smoker aged 43 and 44 for level term life cover to a sum of £200,000 over a 20 year term. Prices correct at 5 June 2009.
Aged 43 - £27.00
Aged 44 - £29.33
Monthly saving - £2.33
Total saving over 20 year term - £559.20
It’s simple really. Whilst the total amount you’ll save over the term of your cover will vary according to your individual circumstances, you could find it ends up as a sizeable amount.
So before you sign on the dotted line, it’s also worth making sure you have the flexibility to increase or decrease your monthly payments to suit your needs.
Don’t forget to check your cover will be flexible:
We all know it’s impossible to predict what the future holds. And that’s why you should regularly review your cover, as inflation will reduce the spending power of any money you may get back in the future and your circumstances might change.
Greenbee offers a range of insurance services selected by the John Lewis Partnership. These include:
home insurance quotes,
car insurance uk, travel, pet, wedding, event, life and specialist home insurance products. Customers can visit the Greenbee website for further information.
