Tag Archives: Best Life Insurance
Making a will is one of the tasks that people tend to put off most, and it’s one of the main reasons why every year millions of dollars worth of assets left by loved ones don’t end up in the right hands.
None of us like to talk about death and I can understand why, but failing to make a will can leave those left behind with significant problems and stress at what is already a tough time.
Also, having spent a lifetime working hard to accrue wealth and maybe property, surely you want to have a say in who receives what when you die?
A will can ensure that assets remain within the family and are passed on down the generations.
First of all, what is “Term Life Insurance” ?
Term Life Insurance is where you take out a policy to cover a death of the insured for a set period – the Term. These are typically used by people who may have a mortgage, or other large repayment commitment, and require coverage to make sure that during the period of the commitment the payments are covered in the case of death. Once the Term insurance is finished you do not get any funds in refund for not making a claim against the policy nor do you get a surrender value.
Once you stop paying the premiums of a term life insurance policy, or joint term policy,
Things like smoking or having a high risk job will affect your life insurance policy – namely the premiums will be higher in relation to the risk you take. Most people, however, do not think of their hobbies when they take out a policy (or their policies when they take up a hobby). However some activities that you perform as a hobby in your spare time will make your insurance company very nervous. An obvious example; having “skydiving” as a weekend hobby will affect your policy – It will cost you a lot more than someone who doesn’t go skydiving as you have a greater risk of being killed while enjoying this hobby.
Failure to inform your life insurance company of a potentially dangerous hobby could result in the company not paying out in the event of a death while partaking in that hobby,