Norwich Union (currently being rebranded to Aviva) have announced that its sales of life insurance and pensions increased 11% in the last year, suggesting that demand for life insurance products remains strong with consumers, who continue to see it as a necessary purchase whilst they cut back on less essential costs.
Life insurance can cost as little as a few pounds per month to protect your family, and below are some valuable tips to get the right cover:
Tip 1: Have your policy written in trust
Every £100,000 of life insurance has a potential £40,000 tax bill, but if you ask your insurer to write your policy in trust you can reduce the tax burden for your family.
Tip 2: Mention even minor health issues
If you're in doubt about whether a health issue is relevant, tell your insurer, as overlooking health issues on applying for life insurance can completely invalidate a claim further down the line.
Tip 3: Get sufficient cover
Make sure major debts such as your mortgage are covered, and estimate a further £150,000 for every young child (with more if you want to cover school fees).
Tip 4: Regularly review your cover
Life insurance premiums are at their lowest levels for years, so even if you've previously bought a policy for 25 years, it's worth doing a quick online comparison and speaking to an adviser to see if you can improve your deal.
Speak to a free life insurance adviser
Date: 5th, May, 2009
Author: Jonas Krayer
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While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.
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