Looking for Cheap Life Assurance Quotes?
What you know first before continuing you search.
Before speaking to a Life Assurance agent for a cheap quote, you should do your own research independently
by searching the web, speak to friends and family. Doing your own research and learning the various options
that are available to you will ensure that the life insurance agent will not push you a policy that is better for
him/her rather than yourself. Agents make their money on commissions, therefore, it is in their self interest to
sell you a policy that pays the highest commission and as a result may sell you a policy that you had no intention of
purchasing. Remember that an insurance agent is a sales men and it is there job to convince you to buy.
These are some of the various types of Life Assurance.
1. Level term assurance - this is life insurance at its most simple and straight forward. The insurer agrees to pay
out a guaranteed lump sum in the event of the policy holder's death during the term of the insurance cover. The sum
assured stays unchanged from the beginning until the expiry of the insurance. If the policy holder outlives that expiry,
no lump sum is payable.
2. Decreasing term life assurance - over the course of the insurance term, the guaranteed sum assured steadily decreases.
This type of insurance is traditionally used to cover the declining balance of outstanding repayments on a mortgage loan.
Most lenders will insist that some form of life assurance is in place to protect their loan in the event of the borrower's death.
3. Renewable term assurance - this arrangement gives the policy holder the option to renew the insurance at its expiry date
and continue without having to provide a medical report.
4. Convertible term assurance - this is the sort of hybrid life insurance that provides an option for converting a normal level
term insurance to include a whole life, investment or endowment insurance element (as we discussed above).
5. Increasing term assurance - this is a convenient way to compensate for the adverse effects of inflation over the term of the
insurance by providing for an increasing value in the sum assured.
6. Index linked term assurance - similarly, index-linking allows both premiums and the sum assured to be increased in line
with the Retail Price Index.