Choosing the best life insurance for you

Life insurance (otherwise known as life assurance) is a topic that many people prefer not to talk about. However, to prepare for the worst, it is important to be financially prepared. When a family member passes away, life insurance protects the family from financial hardship. There are a number of factors that can help people choose the best life insurance option for them and their families.

How to know if you need life insurance

You should consider purchasing life insurance if you are the main income provider for your family. Major life events such as marriage, having children, taking out large loans or suffering from a chronic medical condition can encourage people to consider life assurance. In order to establish whether it is really necessary to have this type of cover (or the best life insurance), think about whether your family would be in a position to support themselves without your income.

The two main types of life insurance include term life insurance and whole life insurance. Term life insurance can be purchased in conjunction with a mortgage, loan or other large financial product and will pay off any debts you owe, should the worst happen. These policies run for a set period and are often correlated to the length of a mortgage or loan contract. They can be reduced or fixed at a set rate throughout the term.

Whole life insurance, on the other hand, pays a lump sum after your death, which is often used to fund funeral expenses and financial support for a group of family members. It is worth noting that whole life insurance usually includes a higher quote because of the additional costs involved.

Great life insurance quotes

Some of the best quotes for life insurance include Shepherds Friendly, which offers a minimum of 50 years for a maximum of £28,100; Zurich, which offers up to 83 years and an unlimited investment and NFU Mutual, which offers up to 74 years for a maximum of £,300,000.

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