What Is Life Insurance?
Life insurance pays out if you die during the term of the policy. Traditionally used to protect your family in the result of your death or to pay off a mortgage for example.
Life insurance can be needed for a variety of reasons, but ultimately it always does the same thing. Life insurance pays out to someone in the result of your death.
For the most part Life insurance pays out to a loved one, or loved ones, that you want to help in the result of your death. However, in some instances it may be that a company needs to be protected in the result of an employee’s death.
Who Can Get Life Insurance?
Most people can get Life insurance if they are over 18. The most common reason for not being able to get Life insurance would be your medical history. People that have suffered a serious medical condition or event such as Cancer, Heart Attack or Stroke, may struggle to get Life insurance.
What Types Of Life Insurance Are There?
There are lots of types of Life insurance available. The most common are:
- Mortgage Protection Life cover
- Family Protection Life Cover
- Whole of Life Cover
- Family Income Benefit
How Can I Get Life Insurance?
You can get life insurance either through a specialist insurance broker, or direct with a provider. Most Life insurance brokers don’t charge any fees, and therefore taking advice may protect you, and ensure your policy is set up correctly.
Will a Life insurance policy pay out?
Life insurance claims are almost always paid out. It is very hard to argue that someone hasn’t died.
However, a small amount of claims are not honoured. This can be something as small as someone trying to claim from the wrong provider, in which case they may still get their claim, but from the correct provider.