The easiest and cheapest way to buy your life insurance is to buy online, not only do you get access to hundreds of online insurance companies, but you can also check them out and get quotes online to compare for the best deal. However in order to be able to compare quotes you have to know what you are looking for. Here is some help and advice on how to compare life insurance.
The two most popular levels of life insurance are fixed term life cover and mortgage life cover.
Fixed term life cover will pay out a lump sum over a fixed period of time should you die within the period of time that is specified as the term of the policy, the amount of the cover remains fixed throughout the term of the policy.
Mortgage life insurance is a decreasing policy which decreases each year in line with the amount of your mortgage balance and can be referred to as mortgage protection. As long as the initial sum and the term of the mortgage are the same at the outset then should the insured person die there will be enough to cover the mortgage as long as the rate of interest hasn’t risen above 12% per annum.
Whichever form of protection you choose to take; there are some factors which remain the same for both policies.
The minimum that you can be assured for if you are under the age of 40 is 30,000 and the minimum if you are over the age of 40 is 20,000. Usually the maximum amount you can be assured for is 2 million.
Both of the policies can be taken out as single life or joint life and there is no surrender terms of the policy, which means that there is no payout if you don’t die.