Category Archives: Life insurance

Life Insurance Tips: the Dos and Don’ts

By | Life insurance | 12 Comments

Getting a life insurance policy a big investment, so it’s wise to take your time when making your decision.

You should weigh up the pros and cons to ensure that you know what you’re getting and that you know what to avoid.

Here are a few helpful dos and don’ts that could assist you in making the most of your life insurance policy.



You should take your time when looking for the right life insurance policy. There are hundreds of quotes out there that could be relevant and appealing to you, so you should narrow down your search. You don’t have a time limit to choose a policy so you can spend time looking at all your options. This includes considering whether you need life insurance at all and how much cover you would like. If you don’t have any dependants, you don’t need to purchase life insurance. You should compare quotes to see which life insurance policy will fit nicely within your budget.


Stay loyal

There are many companies offering various life insurance policies so you have many options. However, some providers may try and make you believe that you should stick with them for numerous deals and packages. For example, you may already have insurance with one company, but you believe you should be paying less each month. You can of course look elsewhere, and get free, non-obligation quotes by browsing through a comparison website. Don’t listen to a provider if they try to guilt you for choosing to switch to another company with a better deal. You are well within your rights to change policies and providers.

Tips For Getting The Best Fit When Buying A Life Insurance Policy


Skip or delay payments

When you do finally accept a life insurance policy deal, you should ensure that you can afford to pay the premium each month. If you miss any payments you could have your policy cancelled and you could end up losing a really great, affordable deal. You should be making fixed monthly payments and to make your life easier you can set up a standing order. So once a month the payment will leave your bank account automatically, so you don’t have to think about it or worry about missing a payment.


Lie on your application

When applying for life insurance you are required to give truthful information about your age and health. You should state whether you are a smoker as this will affect your premium. If you were to give incorrect or untruthful information on your application, you could get found out later on and end up losing your insurance. Be honest to ensure that you are getting exactly the right insurance deal for your needs and situation.


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Do your research

One of the first things you need to decide is which type of insurance would work for you. There are two types of life insurance: ‘term life insurance’ and ‘permanent life insurance’. The first, ‘term life insurance’, provides you with temporary coverage. This allows you to decide on a set period in which to be covered. You could choose between 10 to 30 years of cover and would pay a fixed premium each month. ‘Permanent life insurance’ is more of a commitment as it is focused on life-long cover. This type of insurance will give your family a tax-free lump sum payment after your death to help with everything from funeral costs to debt payments. This can significantly reduce any financial stress or pressure that may be left behind. Both of these types of insurance policies have different benefits, so you must do your research and decide which would be better for your situation, budget and family. You can speak to a financial advisor to seek professional guidance and use trusted websites and insurance providers to find information and answers to any questions you have.



Do the maths

If you have dependants or family who rely on you financially, life insurance could be a great safety net to ensure your loved ones don’t feel any financial stress once you’re not around. You should do the maths and find out how much you’d like to leave behind for your family. To get a better idea of how much insurance you need, you can calculate how much you will pay each month, how long you expect to pay into your policy and how much money your loved ones would need to live comfortable lives. By doing this you can make sure you’re not paying too much or too little.


Review your policy

Your life insurance policy could need changing or switching if your situation changes in any way. If you get married, divorced or have children, your policy may no longer be relevant. You should review your insurance policy every few years to make sure you’re happy with it and still able to afford paying the premiums. If you have any life changes, you should ensure that your insurance policy will provide financial help for the right people once you’re gone.


Compare prices

The easiest way to find the best life insurance policy is to use a comparison website. This will allow you to access a thorough database showing an extensive list of providers and their products and packages. You can compare hundreds of prices to find the best deal without having to do much more than a few clicks. To find a great premium, just fill in a form with your information (name, age, contact details, whether you’re a smoker) and the comparison tool will do the rest. You can take your time comparing premiums and seeking out the most beneficial policy.


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How to Borrow Money from your Life Insurance

By | Life insurance | 12 Comments

If you have permanent life insurance, you may be able to access cash value that has accumulated in your policy over time. This could be a helpful alternative to taking out a bank loan, but there are a few things you should consider first.

What are the pros of borrowing money against your life insurance policy?

Low interest rates

It is likely that money taken from your life insurance will have lower interest rates than a loan taken out from a bank. The interest rates on loans and credit cards can be sky high, but insurance policies can offer a much more affordable interest rate that won’t break the bank. When looking into borrowing against your life insurance, make checking interest rates your priority.

No need for a credit check

If you want to get a loan from the bank you have to go through the lengthy process of application forms and credit checks. But when it comes to your insurance, it is a much smoother and easier process. If the money is available in your policy, then it is yours, without any fuss. You don’t need to complete a credit check or answer any questions. If the money is there, it’s yours.

No time limits on repayment

Usually when borrowing money, you can feel the pressure from the bank to pay it back as soon as possible. But when you borrow from your life insurance policy, you don’t have a strict repayment schedule. There are no looming deadlines or threatening letters through your door. You can rest easy knowing you can pay back your loan whenever suits you. However, you should make sure that you definitely pay the money back.

No fixed payment plan

It is crucial to pay back the money you borrow from your life insurance policy. However, the pressure is off as you don’t need to part with huge monthly sums to pay it back. You can decide how much you wish to pay back in instalments. This allows you to calculate how much you can afford to pay each month. You are in control of the repayments and can carefully fit it within your budget, which is one less thing to worry about.


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Less hassle

Getting a loan from the bank can be a long, drawn-out, complicated process. You can feel weighed down by the credit checks and application forms and the endless trips to the bank to sign papers. Taking a loan from your policy is a much simpler process with little hassle. You don’t need to visit the bank or fill in a mountain of forms. You will likely only need to fill in one form, and as long as you have money to access, it should be a relatively easy business.



What are the cons of borrowing money against your life insurance policy?

Lack of cash available

You may look at your life insurance policy and be thrilled at the amount of money your family would be set to receive in your absence. But look carefully at how much you have access to during your policy. Life insurance policies need time to develop monetary value. You could have your policy for many years before you’re able to access a substantial amount. Speak to your financial advisor about your options and how much you can expect to receive if you were to consider borrowing from your policy.

Risk of losing your insurance

It’s key to always monitor your loan from your insurance policy. If the money you borrowed and the interest on top amounts to more than your insurance policy’s monetary value, you could end up losing your entire policy. Your life insurance policy could become invalid and could lapse if you end up borrowing too much money, and not carefully considering the interest rates on top of the cash value. Always do the math before borrowing from your loan to ensure that the interest rates on top of your borrowed amount do not jeopardise your policy.

Your death benefit could be affected

If you borrow from your life insurance policy, you should ensure that it is paid off before something happens to you. If you do not repay the money while you are still alive, your family could be left with a bit of a hassle to sort out. In some cases, your policy may cover it, but it’s always worth considering if you will be able to pay back the loan in a shorter amount of time.

How can I borrow money safely and securely?

There are so many upsides and downsides to borrowing against your life insurance policy. It may be exactly what you need to help in a difficult financial situation. It could also be an attractive alternative to a stressful bank loan. Or there could be too many consequences associated with interest rates and the risk of it affecting your policy. It is a decision to make carefully, weighing up all the pros and cons and seeing if it suits your needs. Here are a few things you can do to make the life insurance policy loan a safer decision.

Create your own repayment schedule

Although you will not be chased by your insurance company each month about fast and strict repayments, it is wise to be on top of it yourself. If you don’t, you could end up in the red a lot more than you realise. Be smart about your repayments and make a plan to stick to. You could pay back a certain amount each month, or every two months, depending on your budget. Just make sure you stick to it so you don’t fall behind.


Make regular repayments

By making regular payments you can be in a comfortable routine so you don’t end up feeling swamped in debt. Try to stay on top of repayments and don’t let your loan slip your mind!

Speak to your financial advisor with issues

If you have any issues or questions regarding your life insurance policy and money you may borrow from it, speak to a qualified professional who can help you make better decisions.


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5 Tips on Finding the Best Life Insurance for the Over 50’s

By | Life insurance | 12 Comments

No matter our age or situation, having cover to protect our loved ones, home and finances is of paramount importance.

It’s comforting to have a safety net, so that if something happened to you, there would be no financial loose ends. Life insurance can provide just that – a safeguard for your property and financial security for your family.

You should look at life insurance as an investment, so it’s wise to be fully informed before making any final decisions. As life insurance gets more expensive the older you are, it’s something to consider sooner rather than later.

There are two main types of life insurance, both offering different benefits. These are term insurance and whole of life insurance. Many companies also offer over-50’s life insurance policies too.

Term life insurance is the simplest and often most affordable of the two policies. With term life insurance your dependants would be guaranteed a fixed, tax-free payout, but only if you die within a set period.

Whole of life insurance is a more permanent option. With whole of life insurance you would pay a premium usually each month, and your loved ones would receive a lump sum payout when you die. This is the most expensive and therefore least popular type of policy.

An over-50’s life insurance policy has many benefits. For one, acceptance is guaranteed without a medical check. You can also usually expect to pay fixed premiums, meaning there are no hidden charges or surprise price hikes to worry about.

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Compare all policies

There are hundreds of life insurance policies out there that could be suited to your needs, so how do you pick the perfect one? In days gone by you’d have to traipse from insurer to insurer, making an endless amount of calls and have to make a note of each policy, including all of its benefits, flaws and costs. These days it’s a lot simpler. All you have to do now is go to a price comparison website and all of the information you require will be laid out in front of you. No need to leave your home and go on an insurance hunt. Using this technology allows you to find exactly what you need with no fuss. In fact you barely have to lift a finger!

At MoneySpace, you can easily find the best life insurance policy for you with our clear, extensive list of all the best deals out there. We use information you provide and gather policies from trusted insurance companies to ensure that the best deals are available for you. You can get a free quote from us by filling in a simple form. Just tell us how long you’d like to be covered for, the amount of cover you’d like and some basic information about yourself such as your contact details and we will do the rest. You don’t have to spend hours clicking through dozens of websites – we can show you all the policies in one place. You can scroll through all of the offers and carefully consider which one is right for you. It’s as simple as that!



Only consider fixed premiums

One of the greatest benefits of a fixed premium is that it is reliable and guaranteed. This means that there are no hidden charges, unexpected payments or rising premiums. The cost of your policy stays the same throughout its term so you don’t have to worry about not being able to afford any future payments. Fixed premium policies do not need to cost the earth – you can find premiums for as little as 17p per day. This means they can always fit your budget and you can easily find an affordable policy for your needs.


Check you’re not paying out too much

You want to make sure that you are getting the most out of your policy and that you’re not paying too much in with little return. Examine how much you will be expected to pay each month and the final pay out at the end. Do the maths to ensure that you aren’t throwing money away by paying more in premiums than your loved ones would receive.


Look closely for hidden benefits

When comparing policies you should always look beyond just the prices. Some policies will have some helpful pros that others won’t. Be sure to check that the policy you choose offers free life insurance cover beyond a certain age. This is usually after the age of 90. It is a benefit that they should provide! One great feature of a policy is how easy it is to manage. Some policies will allow you to apply and pay for them online, making it a more seamless activity by not forcing you to leave your home. There are also some policies that offer free helplines and advice services for their customers. So if you ever run into trouble and need some professional advice about your policy, you can be safe in the knowledge that you have somewhere to turn to.



Consider why you need life insurance to get the right deal

People get life insurance for various reasons. Some choose a policy so that they’re dependants are financially covered no matter what happens. Other people wish to cover debts that they may leave behind. Policies can be acquired to cover the cost of an expensive funeral so your family don’t have to be stuck with the payment. People also choose life insurance to ensure that their home is covered. So a policy can be chosen to cover mortgage payments after death and to make sure a family can still live there. For every different reason for taking out life insurance there are policies suited to specific situations. So some policies won’t work for you because the insurance is aimed at benefiting someone else. To make sure you’re not wasting your money you need to find a policy that fits like a glove and covers all your needs.


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