Life Insurance a Small Price to Pay for Peace of Mind

We all reach the stage in life when we wonder whether we need life insurance or not. This isnt a great decision for any of us nobody likes to be reminded of their own mortality, after all! But, its a decision that comes to us all at some time or other especially if we have a family to consider.

To be honest its worth while looking at taking out life insurance at virtually any stage of your life especially as we reach adulthood and start to amass mortgages and other financial commitments. The fact is that it doesnt really matter if we have a family to care for or not if we have any kind of current financial commitments then we need to think about what would happen to them if we were to die out of the blue. And, you have to remember that it doesnt matter how healthy you think you are you could die in a car accident or get run over by a bus tomorrow!

The thing you have to consider here is what would happen to your financial commitments if you were to die unexpectedly. A lot of people dont realise that the money they owe on stuff like loans and mortgages doesnt necessarily pay for itself after their death somebody will have to take responsibility for its repayment. And, in the simplest of terms you have to think about who would pay for your funeral at the end of the day.

Life insurance may be worth thinking about at this stage it is essential, however, if you have a family to add to the equation. If you have a partner and/or kids then think about how they would cope financially if you did die and your salary died with you. This isnt just about managing stuff like the mortgage its also all about working out how they would pay for lifes necessities never mind lifes luxuries. If you protect them with a life insurance policy then they could at least cope financially during what would be a very difficult time for them.

The key thing to remember with life insurance is that it doesnt have to cost the earth. Life insurance policies nowadays can be taken out at minimal cost you really could be paying just a couple of pounds a week to get the right levels of protection. To make things easier most industry experts recommend that you shop around for the best quote as the sector is extremely competitive at the moment. This is easily done there are loads of web sites out there that can help you sift through competitive quotes so you can find the cheapest policies in just a matter of minutes, for example. This is a great way of getting the life insurance cover you need without spending too much time or money in the process.

y in the process.

If you have an accident and its found that youd failed to keep your car roadworthy, for example excessively worn tyres, and that was a contributory factor in the accident, your insurer will probably refuse to pay up. And the police may also show an interest too! Quite reasonable many of you will say. But what if its you thats un-roadworthy?

How many driving accidents are accompanied by the comment I didnt see the other vehicle? And what happens if the problem was your eyesight? Has it deteriorated to a dangerous extent?

Well all of us clearly know if we have an eyesight problem but there are opticians to help on every high street. Remember, if you need contact lenses or glasses for driving then you must wear them and if your eyesight deteriorates you should get a new prescription. Its the legal responsibility of all drivers to ensure that theyre safe to drive.

Only last week I drew up alongside an elderly driver who was clearly having trouble reading the junction signs. He was leaning forward trying to read the signs indicating towards Leeds and rolling forward at 10 mph all this at traffic lights that by this time had turned red and he clearly hadnt seen those! He was lucky that the cars coming across from the right saw him early. Im not even sure he saw them either!

The law is quite straightforward it states that any driving licence holder who cannot meet the minimum level of eyesight must not drive. They are also required to surrender their licence.

The eyesight test for drivers states that you must be able to read a number plate containing letters and figures 50 mm wide and 79mm high (thats a legal number plate) from a distance of 20 meters. But you can use your driving glasses.

Having said that theres no legal obligation for you to have regular eyesight tests but you are required to tell the DVLA if you develop any medical problem that affects your fitness to drive. If you dont tell them, its a criminal offence.

In some American states drivers have to take an eye test every five years but not in the UK. Here, driver aged 70 and over must complete a medical form every three years confirming their fitness to drive and the definition of fitness includes eyesight. If theses drivers fail to send in their medical form, they lose their driving licence. (I wonder what that elderly gentleman at the traffic lights said on his?)

On the insurance front, if you are involved in an accident where your defective eyesight was a contributory factor, your insurance company may well argue that you were negligent and refuse to pay out. This could be simply because you needed glasses to drive but werent wearing them at the time.

So drive carefully, and keep your eyes peeled elderly gentleman in Leeds please take note!

ease take note!

There has been an on-going battle in the life insurance industry involving term life insurance and whole life insurance. The industry has survived the battle but the consumer is still asking the same question. Which one is better? The question is flawed because these two policies serve two different purposes. The real battle comes over the concept of buying term and investing the difference or the purchase of permanent life insurance. The proponents of buy term and invest the difference surmise that the policyholder would do better investing the difference in premium costs that you save by purchasing a term policy rather than a whole policy. Permanent life insurance was never created to be an investment. It was created to take care of permanent life insurance needs. The cash value accumulation within permanent life insurance is an added benefit and not an investment feature. The best life insurance portfolio is a combination of both permanent and term life insurance.

Permanent Life Insurance Permanent life insurance should be purchased for permanent needs. Final expenses and life insurance for retirement are two basic permanent life insurance needs. Life insurance at retirement is critical because it gives you more options to use your retirement benefits for income rather than life insurance.

Term Life Insurance Term life insurance is for temporary needs. Term life insurance will compliment your permanent base of life insurance. Decreasing term and level term riders can be added to your permanent policy to take care of temporary needs like mortgage protection and short term debt.

It is important to understand why you are purchasing life insurance. You will be much more content when you establish in your own mind the reasoning behind the purchase. Do a little mini-need analysis. Think about what is important to you and who is important to you. Life insurance is a gift of love.