If you're looking into life insurance
, why not make it part of a wider exercise and review other financial arrangements? It may be possible that one or more other policies can be linked to your life insurance – or vice-versa – or perhaps you can avoid unnecessary duplications. For example, critical illness cover can be combined with a life insurance policy.
Even if you're young, the main reason for thinking about life insurance and critical illness applies no matter what, and that is who would lose out financially if you died or became critically ill?
Life insurance and mortgages
It's common - especially if you have people who are financially dependant on you to take out life insurance to protect your home so that your mortgage loan is paid off if you die before the end of the mortgage period. It's worth checking that your mortgage protection policy at least covers the outstanding amount of your mortgage loan.
Professional advice on life and income protection insurance
It can be daunting deciding what to do for the best. If you'd like some financial advice to help you make the most of your money, we've chosen to partner with LifeSearch
to offer customers independent advice for protection products.