New Life Cover Quotes
When taking out new life cover it is important to choose the right cover that is suited to you, at QuoteMeLess it is our job to find the best quote for you by searching through a panel of insurance brokers. The benefits of using real time brokers is, each new life cover quote is unique to yourself unlike any other price comparison site out there.
There are a number of life insurance covers out there to consider these are:
If you want to use life insurance to pay off your mortgage when you sadly no longer walk this world, you'll need to make sure your level of cover matches your mortgage debt. If it’s going to take another 15years to pay off your mortgage, your insurance term should also be 15 years. If you want your policy to pay off other kinds of debts, make sure you've got enough cover.
For mortgages and other debts, you'll want to choose one of these:
Decreasing Policy: Covers your mortgage in event of a loved one passing away.
Level term Policy: Pays a fixed sum if you die during the term. If you have an interest-only mortgage, meaning the total debt never reduces, a level term policy can give you the cover you need.
Think about why you might need to take out new life cover
Before you take out a life policy there are a number of reasons why you should take out insurance, some of the main reasons are:
- What would happen if you died or were ill for a period of time?
- Who are your financial dependents: your partner, children, brother, sister, or parents?
- What kind of financial support will your family need in the future?
- What costs will need to be covered such as household bills, living expenses, mortgage payments, education costs, loans, debts and funeral costs?
- Whether you can afford to pay regular premiums or a lump sum?
- Whether you will need to include critical illness cover because of your family medical history?
- What kind of financial support does your family have now?
If you have loved ones, who depend on your income to cover bills, debts and living expenses, then it may be worth considering taking out new life cover. It will help to provide some financial support to your family if you were to sadly pass away.
Whole of Life Insurance
This policy will cover you for the whole of your life – your dependents get a payout no matter when you die.
Pro: Pays out to your loved ones as long as you keep up with premiums.
Con: Much more expensive for shorter term policies.
Best for: People with large estates who want to plan for Inheritance Tax when they die.
Pension Term Insurance
How it works:br Works like ordinary term insurance, but policies taken out before 2007 have certain tax benefits.
Pro: Eligible for tax relief.
Best for: No longer available for new policies but those who bought a policy before 2007 may want to keep it for the tax benefits.
Critical Illness Cover
Critical Illness insurance cover pays out a lump sum if you're no longer with us or if you suffer a critical illness. If you were to become seriously ill, would this have an impact on your family financially? If yes, a critical illness policy may be for you. You critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed on the policy. Not all conditions are covered. The policy will also specify how serious the condition must be. Examples of critical illnesses are:
- Heart attack
- Certain types and stages of cancer
- Conditions such as multiple sclerosis
Most policies will also pay out if you are permanently disabled as a result of injury or illness. It only pays out once and then the policy will end.
Life Insurance Benefits
- Will help towards funeral expenses.
- Will pay-off your mortgage in event of death.
- Will help support your family with education or childcare costs.
- All Medical conditions are accepted.