Comparing Life Insurance Quotes

Comparing Life Insurance Quotes

Life insurance policy is usually purchased by people to arrange for financial support for their family in case of their own death. This policy helps policyholders to be rest assured that in case of their untimely demise their family is taken care of financially to a great extent.

However, the process of choosing a life insurance policy can be quite cumbersome. Traditional methods include calling various providers or brokers within the UK to obtain quotes from them and then choosing one from them. However, there are a large number of policy providers and finding an appropriate quote can be time consuming. Also, while some people might be looking for life insurance combined with mortgage protection or with a critical illness clause others might want only life insurance. Such situations can be solved via online life insurance policy comparison through Online policy comparison is free of hassle and allows individuals to find policies and providers that match the specific needs and requirements

Types of life insurance

● Life Only
In case of policyholder’s death during the term of the policy, the entire insured amount is paid to the nominee at once.

● Critical illness cover
Under this policy type, if the policyholder is diagnosed with any critical illness such as cancer, stroke or heart attack, then the amount the policyholder is insured for is paid by the insurance provider towards treatment of the illness.

● Mortgage protection insurance
This type of insurance policy is also known as the decreasing term life insurance. This policy, apart from providing life insurance, provides coverage for mortgage payments. The insured amount usually equates the outstanding capital to be paid if a normal mortgage repayment policy were to be taken. However, this insured amount reduces over the policy term period.

● Whole of life cover
This type of insurance provides only pure protection to the family of the deceased. This policy is like an assurance for the whole life of the policyholder where he is covered for the remainder of his lifespan. This policy does not have any specified term and premiums need to be paid throughout the life of the policy. Post the policyholder’s death, whenever it may be, the policy pays out the entire sum assured as a lump sum amount.