Many People Still Do Not Have Adequate Life Insurance

Category: Finance, Insurance.

From articles appearing in the financial press( February 2007) it would appear that the UK life insurance market is booming with annual premium equivalent income rising 54% to a staggering �44 bn. With this level of insurance being purchased you would have thought that every one would be adequately insured.

Some of this rise was attributed to the change in tax laws last April over pensions and customers investing lump sums in self invested personal pensions. However that is not the case. Some people simply have not reviewed the level of life insurance they have for some time. Many people still do not have adequate life insurance. Others are working to tight budgets and are putting off considering life insurance purchases until later. Some people have only purchased small amounts of life cover based on the argument that something is better than nothing. We hope not too late.

A very correct view, but that still may leave them with inadequate cover which should be rectified when they can afford more. In some cases these may have provided levels of life cover at 4 times annual salary. Others were in jobs with healthy benefit and pension packages with employers providing cover for their staff. Unfortunately firms re- size, redundancy happens or there are brighter prospects with firms who do not offer those massive benefit packages. This may be because they no longer wish to keep up with the premiums. There has also been a trend for people to allow their insurance policies to lapse. Sometimes it is because the policies were linked to some form of investment and the policies can be cashed in.

Most of us would agree that life is for every changing. Surrendering a policy to get out the investment factor is OK but at the same time you may also be loosing valuable life cover. Five years can see many events occurring in our lives and those of the ones we love. Could you do with more? How recently have you seriously considered you level of life cover? Would you and your family be fully protected if any thing was to happen? It is simple and easy to arrange and what is more important is that the market is very competitive.

Term life cover offers one of the cheapest forms of life cover. As with any life insurance policy, you are recommended to shop around. The internet offers a useful medium for shopping round. With so many insurers offering so many policies there will be good deals out there and also some not so good deals. It is quick and easy to use and what is better is that some insurers will also offer lower rates to those who buy over the internet. Don t say no to getting more life cover until you have fully assessed the cost.

Most important getting a quote will cost you a penny.

Read more...

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