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.
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