The Importance of Life Insurance

09 August 2011 - Which Way to Pay

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The Importance of Life Insurance

Although we donít like to consider what may happen should life take an unpleasant turn, having a comprehensive life insurance policy does at least give you the peace of mind that dependents will be provided for.

We are surrounded with many different choices when it comes to life insurance policies and making the right choice is not a topic to be taken lightly. A policy for accidental death or 100% disablement typically entitles the insured person to 5-6 times their annual income, although of course this is highly dependent on the individual policy taken out. Disablement of varying degrees is also covered by most policies; for example independent compensation rates exist for damage to, or loss of body parts i.e. the loss of a finger could result in payment of up to 30% of the insured sum whereas blindness in both eyes could lead to 100% payout.

Life insurance makes sense for those with dependents and/or mortgages. In the event of an insured personís death, a lump sum will be paid to protect those left behind and provide financial protection. Most policies cover death by practically any cause and are relatively inexpensive. The cost of life insurance is based on age (at the start of the insurance), medical history (particularly whether the insured person is a smoker or not), the insurance sum and the insurance term.

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