Life Insurance We All Need It But Which Policy?

Life insurance is vital for everyone but certain groups rely on it more than others. People who are self-employed are at particular risk if they are not fully covered as the benefits they receive will be reduced. Self-employed people will not receive any sick pay should they fall ill so everything relies on their well-being. Another group that is at risk are freelancers, who like the self-employed, are heavily reliant on them being able to work at all times.

A recent study conducted by the Association of British Insurers (ABI) shows that 1 in 3 British people do not have any life insurance and many more have not renewed their policies within the last 5 years which means they may be underinsured.


The fact that peoples circumstances can change very quickly means that people should check their policy to ensure it coincides with all their needs. Checking your policy regularly might show that you are underinsured or that you can obtain better life insurance quotes somewhere else.

With various policies available to customers, its important that you sit down and think about what you need, you may require more or less cover than you think so it is always better to check with a financial advisor first. Once you know the life insurance quotes you are looking for you need to choose which one is right for you.

The main types of insurance are; level term assurance, which is taken out for a certain period of time e.g. the length of a mortgage, the good thing about level term insurance is the amount paid stays the same throughout the policy. Decreasing life assurance is another type of life insurance, e.g. it is often brought with mortgages and you begin to pay off your mortgage, the amount covered reduces accordingly. The other type of life insurance is Whole-of-life insurance which is simply a set amount paid out when you die.

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