Important questions you should ask yourself before you take out a life insurance policy

03 September 2013 - Which Way To Pay

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Life Insurance Guide: Frequently Asked Questions about Life Insurance

It isn't something you would like to think about and you hope it will never happen to you, but there will come a point when you will need to research your life insurance options. No matter how painful it might be you should start to think about life insurance so you and your family can have peace of mind they will be safe when you are gone.

How do I know if I need life insurance?

If you have children or a partner then it is a good idea to take out life insurance or certainly research the options available. Then, if the unimaginable happens, you will have the peace of mind your family will be able to live in the comfort they are used to when you are gone.

What time in my life should I take out life insurance?

When you have a dramatic change in circumstances you should start to consider life insurance. Perhaps you have had your first born child, have recently got hitched or even had a substantial promotion? Take a look at your options if your life has recently changed.

How much life insurance cover do I need?

You should look to receive enough life insurance cover to ensure your partner or dependents are able to live with the same standard of living after you have gone. This will dependent on your individual circumstances and financial commitments but a ballpark figure is 10-12 times your salary. If you do not have children you could look at slightly less than this.

When researching life insurance be sure to compare all the policies available on the market. If you are in any doubt then be sure to seek independent advice.

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