Find out why you need to get life cover

The term life cover means a contract between two parties in which one party agrees to pay due amount to the second party after a specificed period of time for their whole life and in return the second party agrees to pay the other party’s beneficiaries a substantial amount of money on his death or after a long span of time which varies from contract to contract.

Life cover precautions

There are some precautions and conditions which apply in the contract to avoid the false claim of the cover money. For example, the cover policy will not be valid if someone commits suicide or is victim to a war or some fraud. On the general level there are two types of policies:

1. Protection policies:

In these kinds of contracts persons pay a big amount of money at once and then the policy maker pays some percentage of profit over that payment monthly or annually as agreed upon.

2. Investment policies:

In these kinds of contracts one has to pay on a regular basis and can only get the lump-sum benefit after some specific period of time is agreed upon by both parties.

Why take out life cover?

Now for the obvious question: why would someone take out a life cover policy? There are a lot of compelling reasons for doing so.

If you are the only one who has a strong source of income and you have a family and loved ones who depend heavily upon you for their all kinds of needs. Then think about them if you are unable to work or you die unexpectedly then who will take the responsibility of your family after you? Although cash can not compensate for your loss but it can save your family and loved ones from critical financial crises. Of course if you don’t die, you will benefit from peace of mind that the cover provides.

Use life cover as a deposit account

You can also use life cover as your deposit account as some policies give you flexibility to withdraw your money or borrow it on your request.

If you have kids then your cover money can be used by your kids for their college expenses. If you pass before their college or university then they will use that money and they will feel better to know that their parent was well aware of their future needs.

In short you can make your life secure and safe after having a life cover policy as it gives you security, reliability and peace of mind that whatever happens my family’s future is safe up to some extent.

Get the best life cover deal

Complete our short form and we will help find you the best deal that suits your individual requirements. Our service is completely free and without obligation.

Guest writer: written by Mick Henry

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