here at beagle street, we are dedicated to helping people find the right life insurance coverage to protect their loved ones and have peace of mind should the worst happen. What’s more, we also build coverage around your unique circumstances so you’re insured for the perfect amount, for the perfect length of time, and generally get the best possible deal.
But what does a good life insurance deal really look like? The questions to ask yourself when shopping for life insurance can add up quickly, so we’ve compiled this list of the top things to consider when researching, selecting, and setting up your coverage. take a look…
what do you need your life insurance for?
The role of life insurance seems simple on the surface; you are protecting those closest to you from the financial impact of your death. but look below the surface and more questions will appear.
who exactly are you protecting? your spouse? Your children? a business partner? Do you need your insurance payment to come in one lump sum or in a steady stream of income? Taking the time to work out the details of how your policy might work best for your needs may help you answer other questions later, like…
how much coverage could help you achieve this?
Being covered for a higher amount could obviously provide more security, but it could increase premiums. on the other hand, there is no point in insuring yourself for less than your loved ones would need. By deciding exactly who your life insurance is designed to help, you could make a more informed decision about how much you need.
For example, you may want to insure, say, ten years’ worth of your income to support your spouse. or secure enough to put their children through college. having a rough idea in your head might work better than just securing a random juicy big number.
How long should your life insurance policy last?
the relative merits of term life insurance (which lasts for an agreed upon period of time before expiration if you do not die within the policy term) and whole life insurance (which extends throughout your life until dies) depends on what is best for your needs. insuring for, say, 20 years could ensure your children are covered well into adulthood, after which you could re-evaluate your life insurance needs.
Opting for whole life insurance, on the other hand, could keep your premiums lower in the long run, since your risk to the insurer is determined while you’re still younger and healthier.
what monthly premiums could you pay?
Life insurance is meant to complement your current lifestyle by giving you peace of mind. For that reason, it’s worth checking out how much you could realistically pay in premiums each month. you still have to pay your normal monthly mortgage or rent payments, bills, and other expenses.
Comparing and using price comparison sites can ensure you get the best coverage for your circumstances for the lowest possible price every month. Use our life insurance calculator to find out how much life insurance coverage you might need.
what details should I provide?
Some life insurance providers may need the results of a medical exam from your GP to calculate your premiums. others offer life insurance without the need for medical attention, just a series of questions that you can simply answer online.
Compare the services offered by different providers to determine who will give you the easiest and most streamlined experience, without compromising coverage.
could you put your insurance policy in a trust?
Underwriting life insurance in a trust could have several benefits. Not only is it tax efficient, but it also shortens the legalization period and could mean your beneficiaries get paid much quicker.
The tax efficiency comes from the fact that life insurance written in trust does not count towards the size of your estate, which could help your beneficiaries avoid inheritance tax. In addition to this, it also allows you to specify exactly who benefits from your policy payments, the terms of how they benefit, and allows you to put other protections against unexpected changes.
Does your insurer offer a will drafting service?
Under UK law, a will does not invalidate a life insurance policy. A will is just a statement of your intent as to what will happen to your estate when you die, while a life insurance policy is a formal legal contract.
This could create some conflicts between your will and life insurance, especially if you marry, divorce, or remarry. Having your will written by the same people as your life insurance could avoid these conflicts by making sure the two work together in perfect harmony. learn more about beagle streets free will drafting service for every new client.
could you change your policy later?
A lot can change in your life, often in a very short time. You could change jobs, move houses, buy and sell property, have children, get married, get divorced…all of these could affect your need for life insurance.
By checking with your insurer if you can modify your policy at a later date, you may avoid being locked into a policy that may no longer work for you.
does your job already give you life insurance coverage?
Some employers offer life insurance to their staff. that could simply be as a job benefit, or as key person insurance to protect against the financial impact of losing a core member of staff.
Before you buy life insurance for yourself, make sure whether or not you already have it through work, along with the terms (if any) of that coverage. it could affect the amount of coverage you need and it could change the specific function you need your life insurance to perform.
Is your insurance company reputable?
Responsible insurers should be eager to show their credentials and track record, so if you spot one that isn’t fully forthcoming with its track record… beware.
Price comparison sites and consumer groups are a great way to check if an insurer is right for you. After all, no one knows the experience of getting coverage like those who have just been through it, so be sure to seek out reviews from your fellow consumers.
could you add extras to the policy?
Extras like critical illness and terminal illness coverage could pay a lump sum if you develop a recognized, pre-agreed-up condition that will change your life.
If you think you might benefit from this kind of extra protection, check out what your insurer offers, as well as the terms under which it would pay. the money could be used to make adaptations to your current lifestyle and help maintain your quality of life.
can I prepay my premiums for later?
You may want to pay higher premiums when you’re in your prime, to ease your monthly expenses later.
Some life insurance providers may allow you to do this, so check to see if this is an option for you. even if you couldn’t pay over the odds right away, if your circumstances change, it could be a useful prospect.
does this affect my eligibility for a mortgage?
Some mortgage providers require you to have life insurance before lending to protect your investment. When choosing your life insurance, double check that your policy meets the conditions set by your mortgage provider. otherwise, you may need to obtain additional coverage to meet the mortgage provider’s requirements.
Learn more about mortgage life insurance, and also be sure to read our homebuyer’s guide section on how to apply for a mortgage.
beagle street cheap life insurance
Talk to our friendly team of experts to discuss your life insurance decisions. Alternatively, use our online life insurance quote tool to get a quick quote and take the first steps toward peace of mind for your loved ones.
Have we made you think about how you could benefit from life insurance coverage? Get in touch today and let’s get started!