Life Insurance Buying Mistakes
If you’re planning on making an exciting purchase like a new phone or gadget for the home, there’s a fair chance you’ll spend a few hours researching your options - wanting to know all the features and making sure you’re getting a good deal. There’s also a fair chance that you probably wouldn’t want to devote as much time to buying an online life insurance policy though.
However, we all know that life insurance is a far more important purchase, so rushing the process could really cost you in the long term.
Don’t assume you’re ineligible due to health conditions
Different insurance companies each have their own guidelines for what can be underwritten. Some may be more lenient than others about particular health issues. Shopping around is the best way to make sure you’re getting a good deal.
Cavendish Online may also be able to help find you cover if you have existing health condition through our professional and friendly advised service, so consider speaking to an adviser if this concerns you.
Don’t hide information from the insurer
When you apply for life insurance, you’ll be asked a variety of questions about your health and lifestyle. It’s important to answer the questions honestly, as incorrect answers could invalidate any claim being made on the policy.
You shouldn’t go light on coverage, just to save money. To work outhow much cover you might need, consider what would need to be paid in the event of your death, such as replacing your income, paying off a mortgage and also future considerations you’d plan for any children you may have, such as University fees.
TIP: Whole-of-life insurance is also known as life assurance by many insurers.
If you’re not sure, speak to us, and we can help guide you to what’s the best option for you.
Shop around for the best rate and policy
At Cavendish Online, we can help you find the best life insurance policy for you, as we won’t limit your search to just one company.