You are here: Home - Insurance - News -

Get a life (insurance policy) – before it’s too late (7)

0
Written by:
17/09/2007

EXTRAS, EXTRASREAD ALL ABOUT THEM

LIFE INSURANCE – as we have seen in previous items here – has an important part to play in the financial planning of everyone, so it comes as a shock to learn that a third of people have no life insurance cover at all. It is an important way of financially protecting your nearest and dearest should you die during the term of the policy, so it would make sense to go to a financial adviser and assess your needs. The sooner you do this the better – if only for your peace of mind.

Once you have a policy, it makes sense to review it at regular intervals, especially if your income has increased and you need to make more provision. Anyone advising on or selling investments must be authorised by the Financial Services Authority (FSA), either as a company representative or an independent financial adviser (IFA).

Your adviser has to make their position clear and explain whether they offer advice on the products of one company only or a range of companies’ life insurance policies. Insurance companies can be contacted directly for life insurance queries and sales, or you can go to an FSA-authorised IFA who can look at the whole market for a policy that will suit you. But make sure you get life insurance that does meet your needs.

MEANING BUSINESS

Life insurance has a part to play in financial planning for business as well. Key person insurance, for example, can protect against the loss of a key employee upon whom the profitability of a company depends. This is a specialist area that needs detailed investigation and you can discuss the matter with your adviser or the life insurance company salesperson. For a fuller explanation of life insurance generally, go to the Association of British Insurers (ABI) at www.abi.org.uk    

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Get a life (insurance policy) – before it’s too late (6)

BITS AND BOBS LIKE ANY OTHER financial product, life insurance comes with a range of bits and bobs (or optional...

Close