Author: Chemain Evans
The main purpose of life insurance is to replace your income for your family or pay off your mortgage if something should happen to you. The cost of life insurance depends on the 'sum assured', your sex, your age, whether or not you smoke and whether you have any previous serious medical conditions.
For savings, choose term insurance. If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy. You will probably be quite surprised at how reasonable it is. There are several companies that can "shop" the rates for you and help you narrow down the field. Select the longest term you can afford and make sure the rates are set for the entire term.
For investment, choose Whole-of-life insurance. If you want to buy a whole life, universal life, or other cash value policy, plan to hold it for at least 15 years. It is, after all, an investment. Cancelling these policies after only a few years can more than double your life insurance costs.
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Based on an original document © Simple Joe, Inc. and adapted for the UK market by Buy Insurance.
