MyMoney’s 6 Tips on buying Life Insurance

By following www.MyMoney.com.hk tips, finding the right life insurance policy for you can be a quick and easy process.

1. USE an insurance broker as they have access to a large number of insurance companies. This means you can receive and compare more quotes, to find the best cover for you at the cheapest price.
2. DO review your life insurance policy regularly. This means you can review your situation and easily amend your policy to reflect any changes which have occurred in your life. For example, if you have acquired more debt, got married or had a child, you may need to increase your cover.
3. DO be completely honest when filling out any of the questionnaires or application forms. If you are not, your insurer could dispute any of your claims.
4. DON’T put off insurance while waiting for a better deal to come along. If you see a deal which looks attractive, take it. Age goes against you in insurance, so each year you put it off means the price to insure you will increase.
5. DON’T underestimate the value of a stay-at-home parent. Legal and General have released a report which suggests replacing the work of a stay-at- home parent,  in terms of child care etc, can come to over £32,000.
6. DON’T buy joint life insurance unless you have to. If something happens to one life, the policy will end. This leaves the surviving partner with no life insurance. This can happen later in life and it makes it very expensive for the remaining partner to get life insurance.