Let’s familiarize ourselves with the most basic insurance terminology before exploring life insurance in further detail. Two parties are involved in most insurance transactions: The insured is the person taking out the insurance policy, and the party guaranteeing to provide coverage to the insured is the insurer (the insurance company). Life insurance works slightly different. The insurer is still the company that will pay out in the event of a claim, but in this case, the insured will not necessarily be the one receiving the payout. The insurer will pay a designated beneficiary (a person nominated by the policy owner).

The owner and the insured can however also be the same person. If clients buy policies on their own lives, they are both the owner and the insured. Now you are probably wondering how someone will benefit from his own life insurance policy when he’s not alive anymore? Remember that life insurance does not only provide coverage in the case of death, but also in the case of disability

As these policies aren’t as straightforward as other insurance policies (someone gets hurt and someone pays), insurance companies have to include certain exclusions into the contract to protect themselves. They will for example not pay out claims relating to suicide, fraud or riots.

Getting life insurance quotes are very easy:

Grab your laptop or desktop and connect to the internet! The internet is a great tool to use when searching for life insurance quotes. A lot of insurance companies have websites and it is possible to quickly and effortlessly compare quotes in only a couple of minutes!

Ring Ring, who’s there? We all (I’m making a statement on behalf of all the ladies) love talking on the phone, and getting life insurance quotes telephonically should therefore be a breeze for most of us.

And if we are afraid of high telephone bills, we can simply request a “call back” and one of the company’s friendly and professional staff members will get back to us shortly. Let’s face it, the last thing you are in the mood for is the “thank you for calling, you are number four thousand four hundred and forty four in the queue, please hold the line

Will a broker make me broke? Life insurance brokers are (usually) educated advisors who specialize in life insurance. They are therefore always up to date with the best products available on the market and would also be able to offer advice on which product would suit each individual’s needs and requirements the best. Independent brokers are usually a good call as they will be able to supply you with life insurance quotes from more than one company. If they are working for a specific company they will obviously try to convince you that that company is the best possible choice!

No matter which route you choose to follow, always compare as many life insurance quotes as possible. Between 3 and 5 is a good number, but the more the better.

Do this as early in your life as possible – you never know when death or disability will cross your family’s path!

Protect your family with life covers