Cheap Life Cover, Might Offer a Priceless Safeguard

Cheap Life Insurance

There are a number of ways that an individual might play a central, pivotal role in any household. He or she does not have to be a major breadwinner - a role dedicated to the care of children or the household itself is often just as critical to the lifestyle chosen and enjoyed. It is a lifestyle shattered at a stroke, however, by the premature death of that key family member and loved one. On the financial front, fortunately, cheap life cover is often available to help smooth out the worst of the practical impact.

Life cover is probably one of the most simple and straight forward insurance policies around. In return for the payment of a monthly premium, the policy holder is typically assured that a guaranteed, predetermined cash lump sum is paid to named beneficiaries in the event of his or her death within a set period (known as the insurance "term").

Whether that individual is a breadwinner, carer or housewife, their death has an immediate financial impact on the household unit - either through the loss of income, the loss of a carer for children and the possible need, therefore, to engage paid help as an alternative to that care, or, indeed, the need to engage paid staff to help look after the house and domestic chores. Life cover, therefore, is designed to provide the financial wherewithal to make these domestic adjustments.

Such safeguards help to protect the family's routine and lifestyle in the event of a key member's death and thus provide invaluable security and peace of mind. What is more, it is a security that is possible to arrange through life cover. Just how cheap that cover is depends, of course, on the benefits that the policy holder believes likely to be necessary in order to grant financial protection to the rest of the family in the event of his or her death - the insured benefits are directly proportional to the amount of monthly premiums paid. The precise level of life cover that it is appropriate to arrange - or indeed that it is possible to afford - therefore, is likely to vary from individual to individual, according to their particular needs.

To help prospective policy holders choose the most appropriate policy and to access cheap life cover where the cost of the monthly premiums is an important consideration, insurers offer a number of products designed to meet particular circumstances:

• Standard term life insurance - this is perhaps one of the most flexible forms of life cover available. The prospective policy holder simply needs to calculate the amount of benefit likely to be needed by the surviving dependants or the amount that he or she is able to afford to pay in monthly premiums;

• Index-linked and increasing term life insurance - if the cost of the monthly premiums is less of a worry, it is possible to purchase life insurance that links the assured benefits to movements in the retail prices index or simply increases the benefits by a fixed percentage each year;

• Mortgage life insurance - homeowners with a mortgage to pay quite rightly worry about their dependants' future housing situation if they were to die. A way of helping to secure the family's security, therefore, lies in a life insurance policy specifically intended to pay off the mortgage in the event of the policy holder's death. In cases where the mortgage is a standard repayment type, which has a declining outstanding balance over the years, a decreasing term insurance offers a particularly affordable form of cheap life cover.

David Thomson is Chief Executive of BestDealInsurance a completely independent specialist broker dedicated to providing their clients with the best insurance deal.

They offer great value life insurance as well as, critical illness and income protection, ensuring that their clients have the protection they need, without leaving a hole in their pocket.

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