Life Insurance Personal Policies

Life insurance is the same as any other insurance; you wouldn’t buy travel insurance for Spain if you were going to France and you wouldn’t want home insurance if you were insuring your second hand Citroen C3; each policy should be specific to your circumstances. This is why you should shop around and take the time out to read a number of policies, especially if you like to take part in extreme sports or have an existing medical condition. Many policies also exclude claims for death by drug or alcohol abuse so this is also something to bear in mind.

You should consider get expert financial advice when buying your life insurance as there is such a thing as inheritance tax which could apply to the beneficiaries of your life insurance sum, there are however ways around this, such as placing it into a trust, yet the laws surrounding tax are constantly in motion so again, request advice.

There are two types of life insurance Term or Cash Value. Cash value policies give our policy a cash value, which you will receive should you want to cancel your contract. They are more expensive and you might not want one, so make sure you know what type the policy you are buying is. Term insurance is cheaper and basic, if you might be interested in cancelling your policy make sure you know the terms of your policy, as you might not be allowed to do so.

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