Direct line life insurance is considered to be the largest motor vehicle insurance provider in the UK. It has made its mark in the insurance sector as well. There are two major types of life insurance policies that exist and the end user can learn more about the way they operate and benefit from it. Two major policies are fixed term life cover and mortgage life cover.
For a first time user these life insurance policies may be varied and overwhelming to understand. However as the name implies, fixed term life cover has a fixed amount of life coverage throughout the term of the policy. in simple terms it means that incase any unforeseen accident where to occur to the policy’s holder then the dependants get a lump sum amount. Dealing with the loss of a loved one can be very emotional but the financial stain is reduced with the right policy. On the other hand, mortgage life cover’s protection policy is not fixed. Instead, it continually decreases on a yearly basis.
Mortgage protection is named in such a way as the protection policy’s annual decrease is closely associated with the policy holder’s current outstanding balance on his repayment mortgage. Direct line Life Insurance also provides some important considerations which you can consider prior to venturing in the policy. The policy holder should be between the ages of 18 65 years for applying for this policy. Policy holders can only be covered until they are 75 years of age. All policy terms cannot be less than 5 years.
The amount of money you want to be insured is a very personal decision as it all depends on your financial condition and the number of dependants you have to take care of. An amount that seems sufficient now has to suffice for the needs of all the family members. When you are insured with the right policy you will be rest assured that the family members and loved ones do not have to lower their lifestyles. However each company has it norms for the basic minimum for say example The minimum insurance sum for those under 40 is £30,000 and The minimum insurance sum for those over 40 is £20,000
The benefits of the policy can be seen right from the onset, as the policy’s premium is established in the start and remains fixed throughout the term’s policy. Some policies do not cover critical illness which can be a cause of concern for policy holders who have heart issues but thankfully you can be rest assured with this policy.
With the use of internet it has become even simpler to understand the financial jargon and you can search for information. When it comes to matters concerning money and security of future you should be cautious and make a wise decision. A little effort in comparison and checking out reviews you can contact the insurance agent for a better understanding. With the right knowledge and right company you are sure to make a difference in your life.
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