A specialist broker in life insurance can always save you money on your premiums and when considering taking out the insurance it should be the first place you go for your cover. Quotes do vary from provider to provider and getting as many quotes as possible will ensure that you have the best possible deal and lowest premiums for your life insurance.
The quotes that you get for your insurance will also depend on the type of insurance that you require and how much cover you require. Some policies will pay out a guaranteed sum providing you continue paying the premiums and this is the most expensive type of cover, while others are cheaper for the premiums but will cease and no payout is given if you are still alive after the policy ends.
If you want a policy that will pay out a guaranteed lump sum then you should consider taking whole of insurance, this is a policy that will, providing you carry on paying the premiums pay out a fixed sum of money when you die, however long that takes. This is however one of the dearest types but then of course the payout to your family is guaranteed upon your death.
The cheapest way of insuring your life and giving yourself and your family peace of mind is to take out term life insurance, this type of policy is one of the most popular but it doesn't pay out a guaranteed sum of money. You set the term of the policy in years and decide how much you want to insure your life for and pay the premiums during that term, if you die during the term of the policy then your family would get a lump sum payout, if you outlive the policy then it ends. If you have a mortgage then a decreasing term insurance policy might be suitable as this decrease along with your mortgage but still gives you adequate protection.
As quotes do vary, once you have determined which type of insurance you want then you need several quotes and the easiest way to do this is by letting a specialist life insurance and critical illness broker do the shopping around for you.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.
