Life insurance what is it & how does it work?
Life insurance is the simplest, most popular and cost effective way to financially protect any dependants in the event of your death. While it wont help those left behind to get over their loss, the benefit of a lump sum, in most cases tax-free, will guarantee your family aren’t deprived of funds during an already stressful time.
With the cost of life insurance at an all time low, now is the perfect time to arrange cover. For those in good health, a policy that was taken out six years ago can be replaced today for significantly less, despite the fact that being older, one is in theory at greater risk. The industry over-reaction to the threat of AIDS initially caused premiums to rocket skywards, but when the expected epidemic failed to materialise, costs fell rapidly from the mid 1990s onwards.
Life insurance premiums vary from person to person, with factors such as age, gender, current and previous health, lifestyle, term required, occupation and smoker status all having an influence. Risk is assessed with the use of whats known in the industry as mortality tables to determine the premium for a...
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