When you wish to purchase a life insurance policy you will need to compare policies from a range of insurance providers to find the best offer. You must also be aware that each insurance company will have their own terms and conditions for policyholders, and so you are advised to read each policy carefully before you sign.
Choosing the best policy for your situation will involve taking several considerations into account, such as how much cover your survivors will require and how much you are prepared to pay for this insurance. You should bear in mind that your current state of health and your medical history will affect the cost of your premiums, and even your occupation can affect the cost of your premiums, see Personal Circumstances.
Consider the type of pay-out that you would like your survivors to receive in the event of your death or diagnosis with a terminal illness: if you are concerned that your loved ones will need the money immediately, seek advice so you can consider any tax implications that may apply under your policy and the best way to effectively process the claim. Bear in mind that your circumstances may change, and you might need to cancel or transfer your life insurance policy to protect your interests. Make sure that you have read the terms and conditions of your policy carefully to avoid penalties, and to ensure that the insurance company will pay out and not refuse your survivors' claim: see Pay-Out Refusal.
If you feel that your insurance provider is behaving in an unfair or unprofessional manner, you may wish to make a complaint. It is impossible to ensure that you will not run into difficulties with your insurance policy nor your insurance provider, but considering possible issues before they arise should enable the purchase and claim of your life insurance to go as smoothly as possible.
For more details, see:
> Cancelling / Transferring a Policy
