Life Insurance

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What type of life insurance?

If you have been searching online for life insurance quotes, you may have gathered that there are many different types of life insurance policies available from many insurance companies and finding the right life insurance cover can seem daunting. You can either approach these insurance companies direct in order to compare life insurance quotations, or you could use QuoteRack. Our expert financial advisors will give you appropriate, professional financial advice regarding your life insurance requirements.

Life insurance (or life assurance as it is sometimes known) is used to provide cover for the benefit of a person's spouse, partner or family in the event of their early death. The life insurance payment might be used to repay a mortgage or provide living expenses as a replacement for their income that is no longer being received. Life insurance is regarded by many people as an essential part of their financial planning for the future.

There are two main types of life insurance: protection-only and investment-type.

Protection-only insurance is also known as Term Assurance. In its simplest form, it pays out a specified amount if you die before a specified date; if you survive, it pays out nothing. It is the cheapest way of buying the basic life insurance cover you need.

"The last thing I wanted was a pushy life insurance salesman, so getting help through QuoteRack proved to be just right for me."

A whole life insurance policy is one example of an investment-type life insurance policy and provides cover for as long as you live. Depending upon its type and since the policy must eventually pay out, it can build up an investment value that you can cash in by surrendering the policy, but it can take many years for its value to build up to a significant amount.

An endowment policy is another example of an investment-type life insurance policy. This pays out if you die within a specified period (the endowment period), but also pays out if you survive. On the face of it this may seem attractive, since the policy pays out whether you die or not, but this can be an expensive way of buying life insurance cover.

If you simply want to get life insurance cover at the minimum cost, then a protection-only type of Term Assurance maybe all that you need - your adviser will discuss these options with you. If you want to combine insurance cover with an investment plan that will reward you at some future date, then this is likely to be much more expensive.

In any event, by using the services providing by QuoteRack brokers, you can be sure that you will be receiving the best advice for what’s right for you and your family. Completing one simple form will give you the opportunity to receive low cost life insurance quotes from a range of life insurance specialists.

Other categories of protection are also available from QuoteRack, including Critical Illness Protection, Mortgage Protection and Income Protection Insurance - we can help you obtain quotes for each of these products.

NOTICE: A mortgage is a loan that is secured on your home and you also need to think carefully before securing any other debts against your home. Your home could be taken away by the lender and sold if you do not keep up the repayments on the mortgage or any other debt secured on it - if you are in any doubt, seek independent professional advice. These notes are offered as a general guide only and do not constitute financial, mortgage or legal advice.

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"It was a very simple and straightforward process - the IFA took my details, got me a selection of life insurance quotes and then we went ahead with a term assurance policy that was just right for me."