In the second in a series of articles about choosing the right type of life insurance in Essex for you and its importance, it is necessary to recognise the fact that there are a number of decisions you will need to make in this regard. By way of illustration, ‘single life’ policies cover just one person whilst a ‘joint life’ policy covers two people but will only pay out at the time of the first or second death since this will determine when the policy is concluded.

Therefore, when looking to make a choice in this regard, there is a need to think about different issues including –

(a) Affordability – a joint life policy is usually more affordable than two separate single policies

(b) Cover needs – do you both have the same life insurance needs, or would separate policies with different levels
of cover be more appropriate?

(c) Work benefits – if one of you has work ‘death in service’ benefit, you might only need one plan

(d) Health – if your joint policy is with someone in poor health, this may increase your monthly payments

At the same time, however, there is also a need to recognise that life insurance only covers death. In addition, most policies have some exclusions that are not covered such as not paying out if you die due to drug or alcohol abuse whilst you will also normally have to pay extra to be covered when you take part in risky sports. Moreover, if you have a serious health problem when you take out the policy, your insurance may exclude any cause of death related to that illness.

Nevertheless, there are still other insurance products that are available to provide protection with regard to these kinds of issues which cover total and permanent disability, long-term illness, or critical illness cover.

For more information with regard to life insurance in Essex as a means of protecting your family’s best interests, contact our dedicated Essex-based staff at Andrew Douglas Wills and Legal Services now via www.andrewdouglaswills.co.uk or on:

01376 348 997

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