When considering the amount of coverage desired for a life insurance policy, we often want to ensure our family will be well taken care of in the unfortunate event we should pass away.
A £200,000 life insurance policy provides consumers with peace of mind that final expenses and outstanding debts will be paid as well as having financial support for loved ones in their time of need.
With the different insurance policy options available, there is a perfect fit for almost every situation.
Why People Choose Life Insurance
There is no requirement for people to have life insurance policies, and depending on what stage of life you are in, it is possible that you do not really need this type of coverage. The truth, however, is that many of the people who do not think they need life insurance or who have not considered purchasing coverage are often the ones who need it most.
It is important to think about the future and what your family will do financially should your income no longer be available to help pay household expenses.
Many people believe that life insurance is just an added expense to the budget and the likelihood it will actually be needed is slim to none. While the unexpected death of the primary breadwinner is rare, it is important to remember that anything can happen and should something happen to you, your family will need to be supported.
For those individuals whose family relies on their income, it is important to consider all the possibilities to make sure the family in financially protected.
For those who purchase life insurance policy early in life, he or she will often see the value of having a policy in place regardless of the expense. This provides policyholders with the peace of mind of knowing that their family will be able to afford final expenses and be able to pay off outstanding debts when they pass away.
Additionally, people who purchase life insurance and then develop health issues see an even greater value in the policy knowing the family will not be burdened should something happen.
Popular Types of Life Insurance Policies
Term life insurance coverage, one of the most popular types of policies, is usually chosen by individuals who are interested in making sure a fixed liability, such as an outstanding mortgage, is accounted for in the family finances.
Term life insurance coverage lasts for a certain amount of time, usually between 20 and 50 years. Another popular option is whole of life assurance, which provides coverage for the policyholder for the entirety of his or her life. This adds an additional level of financial protection for surviving family members.
What Life Insurance Costs
When we refer to the “cost of life insurance,” we are often referring to the cost of the monthly premium payment. There are a number of factors that insurance companies calculate in order to determine what the premium rate will be.
Some of these factors include the type of policy, the amount of coverage needed, the individuals overall health and whether or not her or she is already a smoker. While most policy seekers are accepted with standard premiums, they also have the option to decline the coverage and seek out other options should the premiums being offered seem too high.
Premium rates for life insurance have been falling over the last few years, making it even more important to compare different insurance company’s rates and options. Claybrooke can help to provide you with a comprehensive comparison of different rates for a number of different policy options and term lengths.
Below, we have put together a table of approximate rates for whole of life insurance coverage worth £200,000 for terms of 20, 30 and 50 years for both smoking and non-smoking individuals.
Finding the Best Life Insurance Quote
With the large number of options out there, it can sometimes be hard to find the best insurance company and policy to meet your needs. The professional life insurance advisors at Claybrooke can help you to easily compare life insurance options that fit your unique situation and also help you to find the best possible premium rate for the coverage you desire.
Our knowledgeable insurance advisors are always on standby to help you find the perfect life insurance to help financially protect your family.