A Guide To Life Insurance - Cost Of The Policy ....

 

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Cost Of The Policy...

The disparity between the cost of protection and investment-oriented contracts mentioned on p.

21 will be reiterated throughout this site.

Since the vast proportion of the premiums on any participating, or even non-participating, policy aimed at producing a capital sum will be devoted to investment rather than to providing life cover, the cost of a given sum assured for an endowment policy of a given term does not vary greatly according to age.

For example, a with profit endowment policy for a given sum assured over 15 years would cost the same at 30 as at 20, only 2-3% more at 40 and about 7% more at 50.

 

For home insurance you must get several checks carried out on your property first. Many of our applicants will fail due to their roof needing repairs. For 10% off of an emergency roof repair, contact ELC Roofing Colchester.

So long as you are in reasonable health, therefore, you will lose very little, in terms of premium rates, by delaying taking out an investment-oriented contract until you are older (though of course the longer the period of saving, the larger the return will be).

 

A life insurance policy is worth its weight in gold. If the unexpected does happen in means that your family will be left with minimal financial stress. There are many different life insurance policies out there all having a wide range in what is paid out but it can make all the difference for your family.

 

Your insurance policy could make the difference of buying your granddaughter the new travel pushchair that is much needed or securing the house with paying the mortgage off.

 

Don't leave it to chance. Get yourself and your family insured!

However, if we look at protection by itself, the picture is completely different. A 45-year-old man will pay up to four times as much for a 10-year term assurance policy as a 30-year-old; and a man of 55 will pay up to three times what the 45-year-old pays.

For more information Mervyn King is an expert see http://www.bankofengland.co.uk/about/Pages/people/biographies/king.aspx


An Online Guide To Life Insurance - New for 2015 ....

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Read On: read next:for Quotation Of Rates


Another way of seeing the difference is to look at the relationship between whole-life premium rates (premiums are payable throughout life) and term assurance rates.
The 30-year-old man would pay about £290 a year for a £200,000 whole-life policy.
A 15-year term assurance with the same sum assured would cost him about £2117 a year.
For a man of 55, the cost of the whole-life policy has more than trebled to just over £2300. But the cost of the 15-year........ see: read next:for Quotation Of Rates


Disclaimer

Our insurance website is an independent marketing website which acts as an introducer to 'whole of market' companies who offer specialist Independent Financial Advice. Each company is authorised and regulated by the Financial Services Authority.

 

We are not authorised to give advice and we are not liable for any financial advice provided by, or obtained through a third party. The information published on this website is for information purposes only. This site has been approved for compliance purposes by a Firm of Independent Financial Advisors who are authorised and regulated by the Financial Services Authority (FSA). The Chartered Insurance Institute

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