The UK insurance industry is the largest in Europe. The amount paid out on a daily basis amounts to a staggering £36.8 million according to the Association of British Insurers (ABI) and yet many people still do not see the importance of buying a life insurance policy.
If the population had a crystal ball they could plan their lives accordingly. Unfortunately, this is one skill we have not yet managed to develop.
The whole purpose of life insurance is to protect against the unexpected. To the uninitiated, the whole business of insurance can appear confusing. Everything that can generate a negative effect on one’s life can be insured against. There are policies in place to protect against social media trolling, as in the recent Tom Daley case, and there are also policies to protect the vocal chords of opera singers and pop stars.
The most important type of insurance is life insurance. A good place to start any evaluation about which policies might be the most suitable for an individual is to go online and evaluate the life insurance by Life Broker.
In fact, the more research carried out the better. By viewing online sites you’ll be able to gauge the costs involved and also the different types of life insurance that exist.
Some policies have fixed rate premiums, some depend on the vagaries of the stock market whilst others reduce or increase the premium rates according to the initial insurance contract. The most important thing to remember is that a life insurance policy will protect your loved ones and help them deal with your death without having to cope with financial hardship.
Most life insurance policies will require a medical unless you have selected an over 50s policy where no medical is usually required. Everyone will be asked if they are a smoker, this classification refers to anyone who has not given up smoking within the last 12 months. It doesn’t matter whether you only smoke five a day, in the eyes of the insurance industry you are still damaging your lungs and therefore giving yourself potential health problems.
According to a recent report, 97% of the population are aware of life insurance policies but only 44% of the population actually have this type of cover. The most popular forms of policies are those protecting pets and mobile phones; sadly neither of these policies will protect your family against high funeral costs or settling outstanding bills.
Funeral expenses have risen by 48% in the last three years and there is no reason to suspect that these costs will diminish over time. One of the main benefits of a life insurance policy is to shield a family against any further stress and worry at the time of a loved one’s death.
If the policy is a generous one, there may well be sufficient funds to allow the family to have a treat as well as to provide them with a firm financial future.