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Important factors on your life insurance quotation

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When you are looking at life insurance there are some factors you may wish to consider depending on the type of policy you are looking for. For instance a term life insurance policy may typically have different terms and conditions from a whole of life insurance policy.

• Whole of life insurance. A whole of life insurance policy will cover you for the whole of your life and lump sum payment will be made upon your death to your nominated beneficiary;

• Term life insurance. A term life insurance policy will cover you for a set term and a payment will be made if you die during the term of the policy to your nominated beneficiary;

• Joint life insurance. A joint life insurance policy can cover more than one party. This type of policy may be appropriate for you if you wish to insure both yourself and your partner. Any payment may be put towards the cost of the mortgage and bills;

• Critical illness cover. Critical illness insurance is a type of policy that will make out a payment if you are diagnosed with a critical illness. A policy may also make payments towards medical treatments, surgeries, therapies and medication. Some whole of life insurance policies My include critical illness cover within the policy;

• You may wish to obtain several life insurance quotations to work out which type of insurance policy is appropriate for you – or use the services of a specialist to ensure you apply for the most appropriate cover;

• Duration of your policy. Some life insurance policies such as term life insurance only last for a set period of time. Some policies are intended for the payout to go towards funeral costs, outstanding loans and mortgage payments etc. You may be able to arrange life insurance for a period of your choice directly with your mortgage provider or broker;

• Waiver of your policy. Most life insurance policies that only cover you for a set period of time will not make a payment back to you if you choose to surrender your policy. Some whole of life insurance policies however offer a cash payment if you choose to surrender your policy early. You may not have this option however until you have been paying premiums for a certain length of time.

Whether you choose a term life insurance policy or a whole of life insurance policy, make sure that you check the terms and conditions of the policy carefully so that you know what is included. You may also wish to check how long you may need to pay the premium for before you would be eligible for a payment.