What is life insurance?
Life insurance was created to provide funds to the family of the deceased insured person for funeral and related purposes and even an amount beyond that, in order to cope with the sudden loss of income that person provided to that household. With passing time, several other aspects were added and many forms of life insurance created.
Why do I need life insurance?
Unfortunately at some point we will all move to greener pastures, so to speak, and your remaining loved ones, children, spouse, or other beneficiaries, should not need to pay for your funeral and get into financial troubles after you are gone. Furthermore, additional coverage can provide you with funds, in case you become incapacitated to earn money or are diagnosed with some severe illness. A life insurance can also provide you with extra funding for your latter days.
What types of life insurance are there?
In the UK there are term assurances, which are for a fixed term and your beneficiaries get only if you die during the term. These include also mortgage protection life insurances, but also family income benefits. There are also permanent, better known as whole of life assurances, like endowment insurances, where you will at some point see money, even if you do not die. These include accidental death and limited pay. All of the above can have additional cover for accidents, critical illness, disability, terminal illness and similar. The over 50s insurance is a mix of the two, where you have life insurance – as long as you pay – but you never get to see the cash, only your surviving beneficiaries, with, again, possible coverage for the illnesses, disabilities and similar.
What is life insurance with critical illness cover?
In case that you are diagnosed with one of the listed critical conditions, generally some sort of ailment that has permanent effect on your future life, the insurance pays. It also covers Alzheimer’s, dementia, various vital organ transplants, heart valve replacements, several disabilities, accidents, permanent loss of sight and so on. It also may include a terminal illness diagnose, but limitations do apply.
What is over 50s cover?
Life insurances for people that are fifty years old or older, even up to 85, can get life insurance coverage, mainly funeral costs are covered, but the offers vary. Up until recently it was as good as impossible to get life insurance if you are in that age group, unless you have a spectacular bill of health, but now, all you need to do is make it through the first two years of payments and you get full cover. It is most certainly a product of statistically longer life expectancy in the 21st century.
Do I have to pay for as long as I live?
No, there is a limited-pay version of life insurance, where you pay for a pre-determined amount of time, usually 10 or 20 years, and then the pay-out takes place when you die or when you reach the age of 65 (age determination may vary), whichever comes first.
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