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If you are looking around at buying a life insurance policy, you most probably are taking out life insurance for the first time - some people do switch insurers but it is not common - so we'll assume your are new to this - where do you start?

Step 1 - Make sure you clearly understand why you need life insurance in the first place. It sounds obvious but perhaps you didn't come up with the idea yourself - perhaps someone suggested it might be a good thing.

oDo you have dependents or close family who need financial protection should something happen to you?

oDo you have a mortgage that couldn't be repaid if you were no longer around?

oAre there other debts, like business loans for example, that need covering in the event of your death?

oDecide if you need the insurance to pay out in the case of a critical illness as well as in the case of your death?

oKnow approximately how much cover you are looking for before you start - otherwise you may get talked into buying more cover that you really need.

oGet the answers to all of these questions before you start looking.

oRemember - Life Insurance is a highly regulated industry, monitored by the FSA - so you should either get good advice or be told clearly that you are not being advised.

Step 2 - Decide on how you are going to go about finding the best life insurance for yourself. There are one or two routes you can use.

oUse the internet to research and track down a policy that suits you.

oContact an insurance broker you already know or who has been recommended to you.

oIf you don't know a broker - approach one of the local firms.

oVisit your bank - they'd love to sell you a life policy but don't expect to get the best price - they're unlikely to discount.

oOne final option - just call up one of the big name brands - seems obvious, but again you may not get the best deal.

Step 3 - How are you going to search for a quote?

oWhichever option you choose, it's not a five minute job, so set yourself some time aside.

oEven if you don't buy through the internet, we'd recommend starting there to get a rough idea of prices.

oGather the information you'll need to complete an enquiry.

oCover amount, the term (how long do you want to be covered for) and any illness history about the lives insured and possibly your parents.

Step 4 - Not really a step but some useful info about the life industry.

oThe actual life insurance policies you sign up for are provided by a relatively small number of companies - people like Norwich Union, Legal and General, Prudential etc.

oBut you'll find hundreds of companies offer to sell you a policy - most of them are brokers and dealing with a broker can be good news.

oIt's a competitive industry, so most brokers will give you a discounted premium if you ask. Play one off against another to get the price down.

Step 5 - unlike car and home insurance - getting your life policy in place can be more complicated depending on your personal circumstances. The life insurance company or broker will give you an initial indication of price, but there are detailed questionnaires to completed and if you are older or have some medical history, doctors reports or even medical examinations may be required. The whole process can be completed quickly, but sometimes takes a few weeks. Be prepared.

Step 6 - Always be honest - as with all other types of insurance, there's no point in hiding a bit of information in order to get a cheaper premium - even more so with life insurance as the value of the claim is likely to be so much higher. If you are unfortunate enough to have to claim on a policy, the loss adjusters at the insurance company will investigate the case very thoroughly before they pay out potentially tens of thousands of pounds.

About the Author :

Marcus Brooks writes for and recommends the cheap life insurance website www.lifenow.co.uk


Article Source: www.iSnare.com

Written by: Marcus Brooks

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