The number of insurance products available is now varied with cover ranging from car insurance to pet insurance! Within the vast amount of insurance products available are many clauses, features and specifications each tailored for the insured and to suit specific needs for every different requirement. The only type of insurance that does not pay out on certain circumstances being met is life insurance where someone is either dead or alive.

There are only three different types of life insurance on offer level term assurance, decreasing term assurance and whole of life insurance. Deciding the right product to go for depends on the requirements of the individual and how long and how much cover they wish their family/ benefactors to receive should the unthinkable happen. For any person looking to purchase a life insurance product there are a number of websites and companies that offer a life insurance calculator to help determine the amount of cover that should be taken out by a specific individual.

A good way to save money on life insurance for anyone in a relationship is to take out a joint life insurance policy. This works out as a cheaper option for each individual, with the policy paying out if either person were to die. Also important to remember before taking out a life insurance policy is the factors that insurers consider when setting the cost of the required cover. Any insurer will take into account the age of the person being insured, their general health conditions, whether they smoke or not, whether they have had any previous serious illness and their occupation, with people who have high risk jobs likely to pay more.

These factors mean that healthy people who have a low risk occupation are more likely to get cheap life insurance. However, like any insurance it is important to compare life assurance to see which provider offers the best value for money.

About the author

Ian Ramsey is a financial author based in the UK.