Tuesday, 13 April 2010

Life Insurance for Parents

Approximately 7.5 million people who are employed in UK have their life insurance through their employer. Apart from that one needs to check what cover he or she has and decide whether this existing cover needs to be topped-up. With employer provided cover, it is important to note that life insurance cover will be lost when you leave that employer for whatever reason.

The most popular type of Life insurance is Term or Fixed Life Insurance. This type of cover is quite simple in a sense that it never changes during the life of the insurance policy. It stays the same till the end and in the case of you die, beneficiaries are going always to receive the same amount. After this policy expires, beneficiaries loose any right to compensation. It is common to arrange that this lump payment is equal to ten times the annual earning.

Term assurance policy is flexible enough so that it can include critical illness insurance or, so called, long term insurance. What this means is that, in case of development of a serious and threatening medical condition, you will receive a monthly payment that will cover you till the time you are due to retire.

It is not always the best option to go for cheap insurance quotes, since one should understand what he or she is getting for the money. While express insurance will save you time, it might cost you a dear in a long term if you are not getting the service right for your circumstances.

At AbbotFinancial.com we can give you a online insurance quotes that are teilored to your needs.