The face of life insurance is changing. A lot of well-known insurers are no longer offering this product. New companies have entered the marketplace and they are generally offering far superior cover. Therefore, if you have a life insurance policy that has not been touched in the last couple of years, you should start reassessing your options to see if you can benefit from a better product. Moreover, if you are yet to purchase life insurance, now is definitely the time.
Before revealing details regarding the new life insurance products that are available, it’s important to establish what life insurance actually is for those who are yet to acquire it. In basic terms, this policy pays out a sum of money to the named beneficiaries once the holder has died. The importance of this insurance cannot be underestimated. Surely you want your loved ones to be financially secure once you have passed away? A lot of individuals undervalue this type of insurance as they deem their monetary contribution to minimal. Nonetheless, it is unlikely that this is the case. For example, if you are a stay at home parent; think about the money that would be spent if you were no longer able to look after your children.
So, why is it so important to reassess your life insurance policy now? As mentioned earlier, a lot of major insurers have stopped offering this product. This includes the likes of AXA, Bupa, and Friends Provident. This has paved the way for newer insurers to start selling life insurance. These insurers have started generating attention for their superior products. You can find more information here. Yes, this may mean a tiny bit of inconvenience on your part as you find a new insurance policy, yet you will definitely reap the rewards.
New providers are offering greater flexibility and a more extensive range of benefits. These products are not only effective in offering protection, but they can also be a solid investment. Moreover, policies are now being designed to help individuals when it comes to paying off their mortgage. This includes everything from interest repayment mortgages and endowments, to interest-only mortgages and ISA mortgages.
The advantages also stretch a lot further than monetary gains. Some companies now provide medical guidance and bereavement support. You can also get access to a global database of medical specialists. This ensures you are in contact with the best doctors for a second opinion. You don’t even have to make a claim to benefit from this with some policies.
There is no denying that life insurance is an essential product for all individuals. However, you shouldn’t just purchase this policy and then turn a blind eye. You need to reassess your options, especially in the current climate, as the industry has changed significantly. If you don’t make the change now you are missing out on a monumental opportunity.