Five Top Football Tactics When Buying Life Insurance08 Dec 2016
1. Use the long ball
You may save a few pounds now by choosing a shorter term. Passing your business around on a regular basis looking for the cheapest on the market. In the long run though it’s really not worth it. Take a punt and buy the longest term you can afford as early as possible.
The reason for this tactic is that should you develop a medical condition within the life of a short-term policy, your insurance premium will sky rocket out the stadium when you come to look for continued cover – if you manage to get cover at all.
Take as long a term as possible and get the best rate for those latter years today as it will be much more expensive as you near the final whistle.
2. Don’t Wait Too Long To Strike
Whilst, you may be young and healthy today the situation can change very quickly. If something unexpected occurs and you’re no longer the chief provider for your family then they will be vulnerable for a long period of time.
So, take advantage of cheap policies when you are young and ensure your family has the finances to keep them in the game until the end.
3. Don’t Think Like Arsene Wenger
If you’ve only spent enough to cover the basics today it won’t be enough as the family gets older.
So, don’t just cover today’s requirements think about extra expenses that your dependents would be left with. This could include running a larger car, school uniforms, child minder, paying off your mortgage, etc.
4. Use the Transfer Window
It’s easy once you’ve got everything in place for this season to stop reviewing whether it remains fit for purpose; that is until it’s too late.
Life has a habit of moving on and change inevitable.
As your squad grows or you find yourself no longer with the same club the policy that was right five years ago may no longer be suitable to your new circumstances.
So continue to keep reviewing your policy after each life event as it can easily be changed and usually without further medical information.
5. Avoid Penalties
It’s recommended that a Life Insurance policy is written into Trust which means any pay-out is excluded from your estate for IHT purposes, which means that your family will not have to worry about an Inheritance tax bill.
It also means they will get the money much quicker as they can bypass probate, which can take several months.
With £200,000 policies starting from under £8* per month protecting your team can cost a lot less than you think.
For more information on Life Insurance click here.
*Cover from as little as 0.24p a day provides a level sum assured of £200,000 over a 20 year term – based on a 27 year old male, non smoker.