It is important to choose an affordable life insurance policy. Failing to pay your regular premiums can result in your policy becoming void.
But focusing on buying the cheapest life insurance may not always be the best decision. What other factors could be important to consider when choosing a life insurance policy?
The cheapest life insurance may not offer enough cover to meet your needs. Consider outstanding debts, mortgage payments, and income replacement.
It is useful to understand the several types of life insurance policies available.
Term life insurance provides you with coverage for a specific period. For example, 25 years.
Whole of life insurance offers lifelong coverage. Although typically more expensive, it includes a savings component known as cash value.
Policies Features and Flexibility
Some policies may offer additional benefits or riders. For example, critical illness cover or disability income.
Flexible premium payments or easily adjustable coverage may also be valuable to you.