That’s a tough question because, it all depends on your financial situation, age, who you are etc.. If, for example you don’t have a family and you already have some savings, or you have a policy in the workplace , it’s probably not worth it at all fun. Otherwise, the situation is presented if we have a family and some major financial liabilities (mortgage, loans, debts). Let’s ask yourself a question of what would happen to our loved ones if we suddenly passed out. If it turned out that this would have a dramatically negative impact on family finances, it’s worth to at least think about this form of insurance.
I’m writing this article for a reason, this article won’t help you quit gambling, but I’m hoping to show you the dark side of gamblling and where it really leads. Don’t ignore it!
What to consider?
While choosing a life insurance policy you should consider a few different factors, eg. How much we want to be insured for, to insure yourself or cover the other family members, how long the insurance, etc. All these elements will be important in calculating the price premiums and skillful juggling different options will help us in its descent. A very important element, which also determines the amount of the monthly premium is the same type of insurance.
Types of Life Insurance in the UK
Life insurance also called term insurance or insurance for a specified period of time. This is a standard life insurance available to people aged 18 to 89 years. The minimum insurance period is 5 years if we’re healthy that monthly premiums start at £ 5 a month. Compensation will be paid during the term of the policy upon the death of the insured person. Both the monthly premium and the amount paid will not change during the term of insurance. However, there is an option called. indexation, which links the amount of insurance premiums and inflation – it will cause a slow increase monthly premiums but any insurance.
Over 50s life insurance (sometimes called whole-of-life cover) – This is the compensation for people who do not want to burden the family’s funeral costs, and they want to give to family members or friends some money. People who are interested in this type of insurance must be between 50 to 75 years. The money will be paid to family members or other specified persons at the moment of death of the insured.
Mortgage life insurance (sometimes referred to as decreasing-term insurance) is insurance for people who want to be sure that no matter what the circumstances of their family members repay the debt resulting from the mortgage. The minimum insurance period is 5 years while the maximum can be insured for 40 years. To use this form of insurance must be between 16 and 79 years and we have a mortgage.
Joint life insurance is insurance for two people, eg. A pair or marriage. Such insurance is usually cheaper than two separate policies but money is paid only after the death of the first person. After that, the insurance stops working.
Critical illness is insurance of developing one of the dozens of serious diseases, eg. Cancer, heart attack, stroke, brain hemorrhage, organ transplantation, Parkinson’s disease, Alzheimer’s, etc. Compensation is paid to the diagnosis of disease unless the diagnosis is consistent with the description of the disease in the policy documents of the insurance company. We get sick more often than die because critical illness insurance is more expensive, the monthly premium is, however, dependent on the amount of any compensation so we can adapt it to our budget.
As you can see, this subject is quite complicated and it seems to me that the best solution for a person who is looking for life insurance is to compare prices of life insurance and then speak to a competent advisor insurance. Such a counselor, often completely free, get acquainted with our financial situation, needs and propose appropriate insurance policy.
Comparing Life Insurance is completely free of charge and you have no obligation to purchase the policy, considering low price of repayments and the ability to avoid serious problems, I think that in most cases it is worth to buy such insurance.
Go ahead and check how much costs to secure your family’s finances, is gambling worth it?
[pl_section section=”button” id=”23955628″]