What is Life Insurance?

A life insurance policy pays money to any dependents you have in the event that you die during the period your policy is in force.

In helping you to decide whether or not you need life cover to protect you and your family, you need to ask yourself a number of important questions:

• What are the benefits?
• How much will it cost me?
• Where and who should I buy my life insurance from?
• What is my family situation and how much cover do I need?

No matter how much you earn you need to ensure your dependents will have enough money to survive on if you die. A Life insurance policy pays out a cash lump sum in the event of your death. The cost of life cover depends on variables such as your age, gender, lifestyle habits and overall general well being.

If you do decide you need life cover it’s best advice to shop around by using a broker or financial insurer. The onset of online insurance brokers offers the consumer more choice and you can now compare pricing more easily by going online.

In considering what type of policy you need, a term life, whole of life or mortgage protection option, your age is an important factor to consider. There are other questions you will need to ask yourself such as what cover is included in my policy, should I opt for a joint policy in the event of being married, what other benefits are available with the life cover I have chosen and most importantly of all what is not covered in my life insurance policy?

Before purchasing a life insurance policy it’s recommended you consult the free independent consumer guide to life insurance provided by the financial regulator.

source: http://www.insureme.ie/