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Life Insurance

Can You Get Life Insurance While on Disability?

Deciding on a life insurance policy whilst being a person with a disability can be quite a challenging matter. There’s a lot to consider and a lot of places to find the necessary support.

This post is written to provide just a little bit of information that might help you with the steps you can and, should take when you’re making that decision.

Can You Get Life Insurance While on Disability?

Please visit our website to compare life insurance and speak to an agent if you have any queries.

Can You Get Life Insurance While on Disability?

Life insurance whilst being a person with a disability can be quite a challenging matter. This article is written to just provide a little bit of information that might help you decide.

The options that are out there when it comes to searching for life insurance may be reduced in this particular circumstance.

However, your options are entirely dependent on the type of disability you have and what it means for your health.

If you meet their requirements (or… your condition isn’t life-threatening) and obtain Social Security Disability Insurance (SSDI) you might still be able to buy a plan.

There are three possible classifications that individuals with disabilities face when searching for life insurance; standard approval, substandard and impaired risk.

Disability does not inevitably mean rejection from a life insurance application! Neither should you be afraid nor become immediately accepting of the first quote due to pressure. Make sure to shop around and squeeze as much advice as you possibly can out of advisors.

You can find still low and great rates!

An important tip to remember when working with an advisor is to ask about, their approach to cases they’ve written concerning an insured person with a disability.

The conditions that will still allow you to obtain life insurance, include but are not limited to the following:

  • Specific mental health disorders (anxiety, depression)
  • Specific learning disabilities (dyslexia)
  • Chronic pain disorders
  • Skin conditions (chronic skin infections)
  • Digestive system disorders (inflammatory bowel disease)

Conversely, some disabilities are more likely to significantly impact your ability to get a life insurance policy. Some examples of those disabilities that might limit your option include but, are not limited to the following:

  • Cancer
  • Cardiovascular disabilities (heart disease)
  • Chronic Obstructive Pulmonary Disease (COPD)

The disabilities listed above may limit your options because they are often perceived to be conditions that are more likely to decrease your life span.

However, it can’t hurt to still search around and ask as many professionals as possible.

You can be pleasantly surprised by the outcomes of your research.

Also read: Difference between Mortgage protection and Life Insurance 

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Life Insurance

Protecting Yourself and Your Family with Life Insurance

In the ordinary course of life, one mostly tends to ignore the risks associated with its health.

Not only this, but you keep enjoying the luxuries of life with your regular income until the life gives you a reality check and this reality check in its most generalized form can be depicted as; a fatal injury, a grave illness, or death.

Not to mention that these contingencies can have a distressing consequence on one’s family finances.

So, what is the solution for it?

Well, having the right insurance policies help to secure a safety net around your family on the happening of an unforeseen event and thereby helps you regain your peace of mind.

Protecting yourself and your family with life insurance

Also, several types of protections are available to deal with different kinds of life risks.

In case of your death, life insurance ensures and safeguards the future of your family. For this you are required to pay, monthly or periodically premiums and this insurance will pay the lump sum amount on occurring of your death.

It is a great feature, especially when you are the sole earning member of the family.

Additionally, getting life insurance is highly advisable in situations where you have a mortgage. It ensures that the mortgage will be paid off just in case the unexpected happens.

It is of great help when you have a partner or dependants. For this, you may discuss with your agent, who may help you find an insurance policy that best suits your preferences and this way, you don’t have to accept the policy offered by your mortgage provider.

Furthermore, some kinds of life insurance on the death of the policyholder pay the amount into a trust, and then this money is used to compensate the tax bill.

Precisely, this way, it helps to reduce the effect of Inherent Tax. To acquire maximum benefits out of it, talk to your agent and ask him to arrange things accordingly.

On the happening of some grave illness or fatal injury that compels you to take long recovering leave, how would you and your family cover the loss that arises out of such situation?

And if the condition lasts longer, your employer won’t be able to pay sick pay till then.

So, what shall be the alternative plan?

To guard yourself and your family against such a situation, you may prefer income protection. Even though it can be costly and it can replace up to 75% of your earnings, by the time you turn to 65 and with this, it can keep paying you even if you never work again.

If you want a lump sum amount instead of a substitute income, then you can opt for serious illness insurance. This way, you will be reimbursed in the form of a single large payment in case you are diagnosed with a grave illness by a qualified doctor.

However, one must bear in mind that different insurance covers different kinds of illness and to get the best insurance in this regard let your adviser check all the details carefully.

With ease, for almost every kind of insurance, you can decide the lump sum amount that you require in return, but obviously, it implies that higher returns require a higher amount of premium. Talk to a financial adviser who has expertise in the matters of protection and get the kind of insurance that best fits your requirement.

With time, private healthcare is gaining popularity mostly among those, who can afford it and simultaneously, many providers include additional benefits such as dental plan.

The main benefit of going private is that possibilities are that you will have to wait less to access healthcare.

This means that on the happening of some grave illness or injury if you opt for private healthcare, you will get treated quickly and may get back to work soon.

Well, you will still need your financial adviser to figure it out whether private healthcare is worthwhile for you.

Almost all kinds of illness protection can serve and cater to the needs in times of devastating health condition. Private healthcare does not provide any sort of substitute income or cash benefit on tax, instead, it covers only your medical bills.

So, for a clear understanding, discuss it with your financial adviser and get to know the differences between private healthcare, serious illness cover and income protection.

Before opting for protection,  it is very imperative to have an in-depth knowledge of how each product works, how and when would it pay, and how does it caters to your needs and corresponds to your attitude towards risk.

Even though there are several competing products on the market, comparing each of them is an intricate task as they are subject to personal circumstances.

Therefore, you should go for independent advice before choosing protection.

In this regard, your adviser can analyze your needs, your family conditions and the risks you are susceptible to and then search the whole of the market to get the best value product for you that caters to your need in an effective manner.

So, choosing the right life insurance policy is imperative for you as well as for those who are dependent on you to mitigate the losses and to yield the benefits.

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Life Insurance

Do You Need Life Insurance for a Mortgage?

When speaking of mortgages, the type of life insurance that banks and lenders are usually referring to when they are talking about life insurance is ‘Level Term Protection’. This is usually seen as an ad on/extra and not a requirement.

Do You Need Life Insurance for a Mortgage

So, to be frank, no matter how convincing your banker sounds, you don’t technically need ‘life insurance’ to take out a mortgage.

Most people get life insurance so that their family is not placed in an uncomfortable position if you die before your mortgage is paid off.

Some banks may strongly advise you to take out life insurance with your mortgage however, to be 100% clear having life insurance with your mortgage is still totally your choice!

Some form of a mortgage protection insurance policy is enough to ensure the bank is repaid in event of your death. This would be meeting the basic requirements so that your spouse will not be encumbered with the increase in expenditures being taken solely from their income due to the loss of your salary.

A mortgage protection policy is a legal requirement for banks to give you a mortgage.

Additionally, you do not have to take the mortgage protection policy offered by your lender or go for type of policy recommended by them.

All that lenders are legally required to do is make sure that you have a mortgage protection policy in place.

So, even though it might seem like they have the final say and control, don’t worry!

They cannot refuse to offer you a mortgage based on your refusal to accept the policy they have offered you.

There are also some exceptions when it comes to getting mortgage protection insurance.

You can get a mortgage if you don’t have mortgage protection insurance in place due to the following circumstances;

  • You are above the age of 50,
  • You cannot get mortgage protection insurance (possibly depending on the reason),
  • The property being purchased is an investment property,
  • You have already taken out a life insurance policy.

Your only other legal requirement for a mortgage (when it comes to insurance) is building insurance.

This cover will protect your home against any structural destruction that necessitates repairs. Structural destruction in this case will usually include things like the walls and floors etc.

Learn more about Difference Between Mortgage Protection and Life Insurance?


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Life Insurance

A Guide For Purchasing a Home In Ireland

How to Buy a Home in Ireland

How to Buy a Home in Ireland

Buying a home will probably be perhaps the biggest purchase you ever make. It’s a serious commitment and one that accompanies a lot of extra costs.

Subsequently, you should prepare yourself for the entirety of the expenses that come with buying a home, especially if it’s the first occasion when you’ve done it.

Below, we’ve assembled a guide to assist you with completing the purchase on your new home; from making sure you have enough cash and getting a home loan, to picking an area and finding the ideal property.

We’ve likewise outlined some of the charges you can expect to pay as well as any bills and other costs once you’ve moved in. ( Do not forget to compare & Buy Mortgage Protection Insurance with Ucompare ).

AUDIT YOUR FUNDS

Before you can even consider house shopping, you have to make sure that you acquire enough money. There are lots of fees that you should anticipate to pay when you buy a house, and we’ve canvassed the principal ones in the following section.

Your deposit plays a significant role in helping you get your dream home.

You are supposed to save 10 per cent of the property’s sale price, as a first-time buyer. For second-hand buyers and subsequent buyers, the saving for deposit percentage goes up to 20%.

It will be of immense help if you can afford more than the minimum deposit as this will save you some money in the longer run.

As indicated by the most recent Daft.ie House Price Report, the typical house price in Ireland from June 2018-2019 is around €263,000 that is a 3.7 per cent expansion from the past year.

For this, one requires a 10 per cent deposit of around €26,000.

WHAT FEES TO PAY WHEN PURCHASING A HOUSE?

Beside your deposit, there are some extra fees that you’ll have to pay to complete the purchase on your home.

Firstly, you’ll have to bear the cost of stamp duty. Stamp duty is a type of tax that you pay on the land or the property that you’ve bought. In Ireland, it amounts to one per cent of the price of your home.

So if you purchased your home for €300,000, the stamp duty charge would be €3,000. It’s a significantly considerable amount of money, so make sure you have enough to cover this.

In case you’re purchasing a new build, the stamp duty is the cost of the house less VAT, so ensure you’ve calculated this accurately.

At the point when you’re purchasing a house, you will require a solicitor to finish all the administrative work, conveyancing and other undertakings. You can choose a solicitor accordingly, however, be prepared to pay anything from €1,000 to €3,000. Furthermore, you ought to get a quote before their work starts to guarantee you can cover the expenses.

Apart from these, other fees may incorporate land registry (from €400-800), a survey (from €300) and property tax (around €500 every year).

You may likewise be required to pay for mortgage protection. This is a kind of life insurance that pays off the outstanding balance due on your mortgage in case of your demise. For this, you’ll have to pay a monthly fee till the tenure of your mortgage loan finishes.

ENSURE YOU CAN GET A HOME LOAN

When you have got your deposit along with the adequate money to cover the entirety of the above additional expenses, you have to ensure that you can get a mortgage loan for your home.

You can book a meeting with a bank or mortgage lender, who will evaluate your salary, outgoings and other personal conditions to decide if you can make the instalments that you state you can. You may even get Approval In Principle.

This is a sort of guarantee that means, when you’ve found an appropriate home that you’d prefer to buy, the bank will commit to furnishing you with a home loan if your situations haven’t changed.

In case if you couldn’t get a mortgage for any reasons, you won’t have the option to buy a home until your situation changes.

For instance, you may have become recently self-employed in that case you may not have sufficient bank statements to show the bank your salary.

Most banks will necessitate at least six months’ worth of bank statements and three years’ financial accounts that have been authorized by an accountant.

FIND THE IDEAL HOME

When you have ensured that you have got all the assets you need and that you can get a mortgage loan, you need to find your ideal home. Finding your ideal home may not be as simple as it sounds.

You must consider location, value, size, style and access. However, finding your new home ought to be an enthralling task, so make an effort not to get too worried about the entire process.

WHEN DO I NEED HOME INSURANCE WHEN PURCHASING A HOUSE?

You should take out home insurance when you’ve finally purchased your house, and it’s formally yours.

Regardless of whether you haven’t moved in yet, home insurance can cover you from any loss that could be possible to the property. However, if you are keeping your home unoccupied for 30 days or more, you are required to take out unoccupied home insurance.

WHAT BILLS DO YOU PAY AS A HOME-OWNER?

So, now that you have finally purchased your home and moved in, there are some bills and other costs that you may need to pay. The most significant are gas and electricity to ensure that you can cook at your home and use any electronic devices or appliances.

You will likewise need to pay for Local Property Tax (LPT). The amount of LPT you need to pay relies upon which band your home falls into. You can find these bands on the Revenue Commissioners website and perceive how much tax you ought to be paying.

Broadband and telephones are essentials in numerous homes these days, so you can anticipate paying for both of these to have a Wi-Fi connection. Additionally, if you would want to watch TV shows and movies along with other free channels, you are required to pay for a TV package. In case you watch any live TV, you will require a TV license. The cost of this could be up to €160 every year.

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Life Insurance

What Questions to Ask When Buying Life Insurance?

Buying life insurance can be a long and difficult process.

Don’t let all the choices get the best of you and prevent you from deciding against something that is totally worth it.

We know its not the most straightforward process in the world, so that why we’re taking a little step towards making sure it’s not a complete nightmare.

we have a detailed explanation for you on what questions to ask when buying the life insurance.

This post is here to help you decide what to look out for when it comes to choosing life insurance.

What Type of Life Insurance should I buy?

Term life or whole life; believe it or not, there is a difference.

Purchasing life insurance will pay out a tax-free lump sum to your beneficiary if you die during the policy term.

Term life insurance premiums tend to be pretty low and is one of the simpler types of life insurance. However, if you pass after the policy term set, you will not receive any payout.

What questions to ask when buying life insurance

Whole life insurance, on the other hand, is not so fixed. You’re covered for your entire life essentially with life assurance.

With this type of cover, however, as you might have already guessed, premiums tend to be much higher.

Payment is made at the end of the policy when the policyholder dies.

Make sure that when you are deciding on life insurance, you consider these options and take into account your individual needs and circumstances.

 

What about mortgage Protection Insurance?

Mortgage protection insurance comes in many forms; reducing term cover, level term policy, life insurance policy and serious illness.

Mortgage protection is a basic type of insurance policy that is usually payable directly to the lender.

This type of cover is often to protect the bank in the event of the insured person’s death.

mortgage Protection Insurance

You can use an existing life insurance policy for mortgage protection, as in the case of a Mortgage Protection Life Insurance policy.

However, this policy must not already be pledged to another loan and the amount that you are being insured for should be, at the very least, equal to the value of your mortgage.

You can use an existing life insurance policy in this way by assigning your policy to your lender. However, there are some steps to be taken to switch life insurance assigned to a mortgage lender to, assigning your policy to another beneficiary.

For more information on switching life insurance click here.

What are cancellation terms for Life Insurance?

You should review the cancellation terms and conditions carefully for your own benefit.

You can usually cancel life insurance up to 30 days into the policy issue date.

With this cancellation, you should receive a refund of any amount of premiums you paid into your policy. However, it is important to note that this might also mean a significant increase in the cost of insurance policies at a future date.

Outside of the cooling-off period, you can still cancel your policy at no extra costs to you depending on the terms of your policy.

However, after the cooling-off period, you are generally not entitled to any refund of premiums paid into your policy.

Does it include Series Illness Cover?

Consider getting a comprehensive life insurance policy that includes serious illness cover or a serious illness ad on.

Critical illness cover is mostly an added benefit to life insurance policies.

The average policy can pay out a range of 30 to 40 ailments. In contrast, a more comprehensive plan will include more than 150 illnesses.

Life insurance that is comprehensive, ensures that you are covered for critical illness, death and disability, whereas some insurance policies may not cover you for one or a few of these incidents.

This type of cover is quite expensive (as you might expect) but, it is totally something to work towards if need be.

Does it Include Convertable Features?

Look out for a conversion feature on your policy or convertible term insurance.

Convertible term insurance has the supplementary benefit of a conversion option for the policyholder.

This option allows you to convert to a new policy for an extended period of time.

The great thing about having a conversion feature on your policy is that, you can skip all the unnecessary drama.

You do not need to have a medical exam all over again or give further evidence of good health when you have a conversion feature.

See here under ‘Extra Benefits’ for more information.

What are other Policy type Options?

Some other policies types to look out for are the joint life and dual life policies that are available.

Joint life insurance policies are the insurance policies that cover couples in the case of either of the partners passing away.

It’s important for either partner to have insurance as each makes an equal contribution to a household. With a joint-life policy, the pay-out is provided on the first death.

Make sure to read up on this type of policy as there is little flexibility with separations or divorces.

Dual life policies are similar to joint life policies.

However, with dual life policies the policy can continue despite one partner passing. Unlike joint life policies, with dual life policies a claim can be paid on both deaths.

Does it has accelerated benefits Clause?

Some insurance policies can offer you (the policyholder) benefits whilst you are alive.

These types of policies may have an accelerated benefits clause. Life insurance doesn’t just have to be for your beneficiary, and it definitely doesn’t have to be for after you have passed.

Questions to Ask When Buying Life Insurance

A lot of new policies will allow the option of receiving payments for emergency care or chronic illness.

Look for companies that have this option before you even require it, just as a pre-emptive measure.

Not only do some companies offer the option of dipping into premiums for emergencies, but some companies also give policyholders a 20+ year window to get all of your premium paid into your policy.

 

Does it allow automatic payments?

Look for a policy that allows you to make automatic payments towards your life insurance policy.

Sometimes remembering is a lot harder than it appears to be, even when it’s a matter of major importance.

So why not avoid the burden of remembering almost entirely and opt for a life insurance policy that allows payments to be made automatically. You can enrol in a programme that withdraws payments directly each month.

 

Compare Life Insurance for a better deal

Use a comparison tool like the one on our website! The best thing about using a comparison tool is that it does almost all the work for you.

Compare Life Insurance Ireland Now.

Ucompare’s easy to use and understand mechanism will give you a variety of insurance policies directly suited to your needs.

Using an unbiased tool like ours, allows you to see all that an insurance policy offers and select based on what you see right in front of you.

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Life Insurance

What is the Difference Between Mortgage Protection and Life Insurance?

Life insurance is a type of insurance policy that pays a lump sum to your named beneficiary if you die during the term of the policy. Life insurance policies can cover your mortgage payments.

There are different types of life insurance policies that you can select, according to what you require at the time you are looking to purchase the policy. The policies that you will hear most about are term life and whole life.

difference between life insurance and mortgage protection

Term life insurance policies will only pay out if you pass during policy term set. Whereas, whole life insurance policies cover you for your entire life.

When it comes to a whole life insurance policy, your lump sum is provided when the policy ends after the policyholder dies.

To find out more information about life insurance policies, check out our recent blog post dedicated specifically to choosing life insurance.

Mortgage Protection Insurance:

Mortgage Protection Insurance is a type of life insurance policy. This life insurance policy is designed to clear your mortgage account balance if you pass away.

Mortgage protection insurance is bought at the same time you buy your home and is in effect for an amount of time equivalent to your mortgage duration. This policy can be reviewed and replaced at any stage during the mortgage term.

There are four main types of mortgage protection insurance policies; reducing term cover, level term policy, serious illness, life insurance policy.

Level term policy, on the other hand, is a type of cover which means that the amount you are insured for and your premium stays the same. This policy is intended to pay off your mortgage whilst the residual balance goes to your assets.

Lastly, serious illness cover is a type of cover that pays you a tax-free lump quantity if you have an illness covered by your plan. It can be added to your mortgage protection policy.

To be clear and simple, the next type of mortgage protection policy appropriately named ‘reducing term cover’ (as the name suggests), decreases with the balance of your mortgage. With that in mind, the policy comes to an end once your mortgage is paid off.

The Difference Between Mortgage Protection and Life Insurance?

The main difference between Mortgage Protection Insurance and Life Insurance is that Mortgage Protection insurance is designed to cover just your mortgage repayments if you die. Life insurance policies, on the other hand, are mainly to protect you and your family.

Another point of minor difference between these policy types is that with a life insurance policy the cover remains the same throughout the policy.

 

So now onto to next important questions, Read these 2 other Improtant Articles on Life Insurance for Mortgage.

Do You Need Life Insurance for a Mortgage?

 

Can I Get a Mortgage Without Life Insurance?

 

In conclusion, if you don’t need life insurance to get a mortgage, then yes you should also assume that you will be able to get a mortgage without life insurance. All you need for a mortgage is a house or building insurance and mortgage protection.

 

Some types of covers are recommended just for the sake of protection and comfortability, but they are entirely dependent on your current or (what you might predict to be your) future circumstances.

Things like serious illness cover or income protection can help you, but they are not compulsory.

To find out about the life insurance or mortgage protection policies we offer please visit our website or click the links as per your requirements. We offer an easy to use the comparison tool to get the best quote!

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Life Insurance

How to Choose Life Insurance – 8 Simple Steps

When searching for a life insurance plan, you may become puzzled by all the different types of life insurance available to you on the market.

Here we gather all the essential information you need in order to choose life insurance that suits you and your family best!

how to choose life insurance ireland

Step 1: Understand what life insurance is

Life insurance is a contract between an insurance policyholder and an insurer, where the insurer promises to pay a designated beneficiary a lump sum in exchange for a premium upon the death of the insured person.

Depending on the contract, terminal or critical illnesses may also trigger the payment.

The policyholder pays a premium, either on a regular basis or as one lump sum. Other expenses such as funeral costs can also be included in the benefits.

Life insurance contracts fall into two categories; protection policies and investment policies.

Protection policies are designed to provide a benefit (lump sum payment) in the event of a specified occurrence such as death. This is the most common type of life insurance in Europe.

Investment policies, in contrast, assist with the growth of capital of the insured person as they can choose to invest their money in various funds. These are most common in the USA and the types of policies available are whole life, variable life and universal life cover.

Step 2: Decide if you need life insurance

If you are over 18 with a steady income, a mortgage or children, than you definitely need to consider life insurance.

If you do not earn a significant percentage of your family’s income, then you may not need life insurance.

It is mainly parents and those with significant income or mortgages who need to choose life insurance.

This will offer essential protection for your children or other family members should you become seriously ill or pass away.

Step 3: Become familiar with the life insurance providers in Ireland

There are 6 main life insurance providers in Ireland:

* Irish Life;

* New Ireland;

* Aviva;

* Friends First;

* Zurich Life;

* Royal London.

At first, all of the companies may seem to be very similar in terms of their offerings. But there are some key differences that you should be aware of before you choose life insurance and the provider.

For example, Aviva has a maximum age limit of 84 for the expiry of life insurance, while with Friends First and New Ireland the maximum age limit for expiry is 64.

It can be quite tiresome and difficult to understand the real differences between each provider, and even more complex to choose life insurance that offers the best protection for the best price.

This is why many people will contact an insurance broker, bank or other Third Party to assist them in finding the best policy.

Step 4: Select who to help you choose life insurance

There are many different providers of life insurance available in Ireland. These include:

* Insurance brokers;

* Life insurance brokers;

* Banks.

Depending on who you turn to for help when you need to choose life insurance, you could receive varying advice, information and prices as a result.

It is important to understand the positions of each agent so that you know what they are trying to achieve.

An insurance broker will try to sell you the life insurance that their company offers, and will not consider alternative options for you.

They may try to overcharge you if you are already a customer of theirs and they believe that you will be easily convinced.

By going through an independent life insurance broker, you can receive an unbiased opinion on which life insurance policy is best suited to you.

They can find the best deals available to you and ultimately save you money and time spent searching for the best value.

The banks in Ireland can only sell you policies from one insurer. If you go to Bank of Ireland, they will sell you their own life insurance policy, while other Irish banks will sell you a policy from Irish Life.

Ultimately, it is always better to consider all options in order to choose life insurance that is superior in quality and cheaper in cost. Therefore, Third Party assistance can be hugely advantageous.

Step 5: Calculate how much life insurance you need

You may choose to use an online life insurance calculator tool that can effectively estimate the value of life insurance that you require.

Or, alternatively, you may ask an insurance broker or bank to help you more precisely calculate how much life insurance cover you need.

In general, the rule of thumb is to find a policy that is worth 5-10 times your annual salary. However, this will vary depending on how much debt you have or how many dependents you have.

Be careful to not accept a level of cover that is unnecessarily high.

Shop around and seek advice from more than one source in order to figure out what is most realistic for you. An informed shopper is a wise shopper!

Step 6: Choose a life insurance plan that suits you

The main policies are life insurance, mortgage protection and income protection. Within the life insurance category, there are different types including whole life cover, variable life cover and universal life cover.

Life insurance ensures that your financial dependents will receive income if you pass away in order to replace your income. This is absolutely essentially for working parents with children under 18 especially.

Although it is a horrible thought, tragedies can happen and so we must prepare for the worst but hope for the best.

Life insurance protection policies are seen as a very safe way to protect the money you wish to provide to your dependents after death or serious illness.

However, you may be interested in the alternative that is a life insurance investment policy.

Here are some quick descriptions on the different types of life insurance investment policies to keep in mind when you choose life insurance:

Whole life insurance offers both a death benefit and cash value in the case of death. It is the most comprehensive and expensive type of life insurance.

In traditional whole life insurance policies, premiums remain the same until you’ve paid off the policy. High commission levels and fees from the insurance broker mean that a lot of the money you pay goes directly to the insurance agent. Therefore it is important to be aware of this if choosing a whole life insurance policy.

Variable life insurance is a form of permanent life insurance that builds up a cash reserve that you can invest in any of the choices offered by your insurance company. Hence, the value of your life insurance fund may go up or down depending on how these investments are doing.

A universal life insurance policy is a different kind of permanent life insurance that uses part of your accumulated earnings to cover some of the premium costs.

You may also choose to vary the amount of the death benefit. As it offers extra flexibility, there will be some higher fees than with variable life insurance.

Experts often recommend that those under 40 years old, without a family disposition for a critical illness, should choose a term insurance policy that offers a death benefit only. However, you can choose to add on different cash values or conditions as you require.

Mortgage protection is another basic cover that everyone with a mortgage must-have. It means that your mortgage will be cleared if you die, avoiding huge masses of debt being placed on your family should you not be protected.

Income protection is similarly as important. If you become ill and cannot work, you will receive 75% of your income for a number of weeks out of work. This usually covers you for any illness and is definitely something to insure is included in your cover.

Ideally, you will be covered with life insurance, mortgage protection and income protection. It’s up to you, but wouldn’t you rather have total peace of mind should something terrible happen to you or your loved ones?

Such insurance protection will guarantee that you will have the financial support you need whatever happens. This is why it is important to choose life insurance that is comprehensive and complete.

Although you may choose to save money on other areas of your life, life insurance is definitely not one of the areas that it is okay to skimp on.

However, there is a difference between spending a lot of money on life insurance and having high-quality life insurance. See below regarding insurance discounts to see more.

Step 7: Other factors to bear in mind

Health issues

When you first receive your quotes, these quotes will have assumed that you are in perfect health. If you have or have previously had any health conditions, you are obliged to disclose these to the life insurance provider.

Although having health conditions will increase your life insurance quotes, you will find yourself stuck later on if you were not honest to your life insurance provider. Therefore, honesty is essential from the very start when looking to choose life insurance that will support you in the long run.

Discounts

Keep an eye or ear out for any new discounts available on the market. The smaller life insurance providers, in particular, are prone to advertising offers and discounts in order to compete with the bigger, more dominant providers.

These discounts can be a great way of saving money on your life insurance policy, without reducing the quality of your policy.

Step 8: Choose life insurance with Ucompare

Ucompare is an unbiased insurance provider offering travel insurance, car insurance, and now life insurance policies.

Ucompare is an insurance comparison tool that searches the market in order to find the best quotes for you and your family.

As Ucompare considers the best value life insurance policies available especially for you, you can be sure to save time and money in your search to choose life insurance that will keep your mind at ease.

Try our life insurance comparison tool here and see how much money you can save.

Also, have a look at the detailed article on What Questions to Ask When Buying Life Insurance?