Tips for taking out life insurance
Take time to understand the terms and conditions of the life insurance policy you are thinking of taking out. Your personal circumstances will affect your life insurance policy and how much will be paid out.
If you already have a life insurance policy and have had it for a number of years it may not give you adequate cover any longer. Life insurance policies should be regularly reviewed and updated to make sure that you and your family are covered as your circumstances may have changed.
Always be completely honest about your health, any medical conditions and your personal circumstances. Hiding or omitting information relevant to your policy could result in non-payment in the event of a claim.
Check for exclusions and reasons that the insurance policy won't make a payment in the event of your death. For example many life insurance policies will not make a payment if you die while participating in an extreme sport such as mountaineering.
If you have life cover as part of your employment contract, make sure that the cover extends beyond your employment period with that employer. If it doesn't then it might be worth investigating a private policy and always remember that the longer you put off buying life insurance the more expensive it will become.
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