Friday, May 2, 2008

Now that you bought the house...have you ...

Congratulations, you finally have the new house, family and children just arriving, but have you considered a free insurance needs analysis?

One of the major mistakes many people make when they decide to take out life insurance is not to buy enough coverage or to buy the wrong product for their actual needs. Surely the last thing you want is for your family to be left in financial difficulty because you underestimated how much cash they would need to get by without you.

There is another mistake that consumers often make: not paying enough attention to getting the right product for their needs and end up paying more in premiums than they have to. It's nothing more than a waste of money and won't improve your payout from your insurer one little bit. Talk to us and we'll be able to help you work out all the best life insurance policy tips and tricks!

The first step to cost effective life insurance is finding out how much cover you actually need. If you have a young family and a partner that doesn't work then you obviously need a lot of cover to allow them to maintain their lifestyle with no financial pressure if you die. But, your personal situation may well mean that you can work the system and deploy a few tricks to get cheap life insurance. Say, for example, in the future you're married with grown-up children. You want to give your spouse some protection if you die. You have a small mortgage, good savings and your partner has a good job and pension scheme. You can, of course, take out a comprehensive product if you want to guarantee them a good payout in any case. Or you can simply take out a mortgage protection product that decreases as your mortgage is paid off. That would keep things nice and simple and you are likely to be offered cheap life insurance.

Much as we all like to save money the one thing we can't afford to do here is to make the wrong decisions and cut too many corners on for the sake of cheap life insurance. That would defeat the object of the exercise in the first place.

As independant insurance brokers, we, for example, can help you work out exactly what you need to get the ultimate protection for you and your family. You're under no obligation to buy from us - but we can help you do your window shopping!

Guest Contribution; Gene Meyer, Gene Meyer Insurance Agencies Ltd., 905 890 0998

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