Cheap Life Insurance
What is cheap life insurance?
Cheap life insurance is an insurance policy which provides the families of a customer who loses their life with a lump sum payment, and provides financial peace of mind to the customer and the family that should the worst happen; the family will be looked after.
Cheap life insurance comes in many different forms, but the basic principle of the cover remains the same. A customer will make monthly premium payments, in exchange for life cover, either for their entire life, or for the term that they are making the premium payments. If the customer was to die during the period they are covered by their cheap life insurance, their family would receive a lump sum payment.
Why do I need cheap life insurance?
Cheap life insurance provides a customer with peace of mind that should the worst happen, their financial responsibilities will be looked after.
Those financial responsibilities are held by the majority of adults in the UK, and could include their mortgage, children or both. A customer should ask themselves what would happen to the family’s finances, and the payment of the mortgage if they were to die tomorrow, and those without a cheap life insurance policy will more than likely answer that they family would have to sell their home and move on.
Cheap life insurance will provide a family with a lump sum payment that they can use to pay off the mortgage, guaranteeing them somewhere to live, as well as providing them with enough money to live off while they find a way back onto their feet.
What types of cheap life insurance are there?
There are two main different types of cheap life insurance. Term life insurance, which is the cheapest, and most popular provides customers with life insurance over a certain term, and is often offered alongside a mortgage. Term life insurance provides customers with insurance when they have their greatest financial responsibility, but is rarely offered to a customer beyond their sixtieth birthday, as many have paid off their mortgages and have no children to look after by this point.
It does mean that customers often outlive their policy, and pay money for years but don’t ever get to make a claim. For a return on your investment you should look at whole life insurance. Whole life insurance provides cover for the entire life of a customer.