*This is a collaborative post
Before having children the thought of having any kind of insurance in place didn’t occur to me. I took out car insurance because I had to have it and didn’t even usually get travel insurance when I went on holiday. It was only really when we bought our first home that we started to think about the long term and how much value we put on our home, lifestyle and quality of life.
But since having children this has all been ramped up a notch. I’m not very aware of my own mortality and know that if anything happened to Hubby or I that I would like the children well looked after, in the lifestyle they have become accustomed to. I’d also like to make sure that Hubby or I were financially secure if anything happened to the other one of us, meaning that we wouldn’t have to worry about work and childcare on top of the grief of losing our spouse.
But, having recently increased our mortgage to do an extension over the coming months, life insurance is something that I have been looking to review. Zurich have put together the Value Your World tool – and it couldn’t have been better timing.
The Value your World tool is so easy to use and asks you questions to put a value on everything in your life – whether you have a partner to support, children to take care of and a mortgage to pay.
It then goes into more detail, asking if you’d like to add any extra funds into the insurance for anything not covered by the tool, whether you would like to subtract any savings, investments or assets that you already hold and whether you privately educate the children and are planning to pay for them to go to university.
The Zurich Value Your World Tool goes into a lot more detail than I’ve experienced when looking for life insurance in the past and it really makes you feel like everything is being considered and taken care of and at the end it comes out with a figure for how much life insurance you need – the value it has put on your world from the answers you have given.
At the end, the tool deducts any existing life insurance policies and then gives you the option of getting a quote for life insurance, using the information from the tool. You just have to add a few more details in – like your name, age and whether you smoke as well as whether you want the level of insurance to decrease over the term and the amount of years you want the insurance to run for before you’re shown details of life insurance premiums tailored to you.
The insurance quote system is fantastic – and completely flexible so you can have the perfect insurance for you. I played around to look at the monthly cost for insurance including critical illness cover and also for having both a level or decreasing term policy.
The quote also gives you an idea of how much insurance would cost if you were to reduce the amount insured or increase it and throughout I thought it looked really competitively priced and, most importantly, affordable.
It’s really important with these things to read the key facts and small print. In reading mine I was reassured that the premium is guaranteed – meaning I could have £400k of life cover, over a level term of 30 years and would be able to pay under £20 a month all the time I had the insurance with no fear of the premium suddenly being increased. It was also interesting to see that having the insurance stay in line with inflation over the 30 years wouldn’t actually add anything to my premium – so definitely worth doing in my case.
Insurance is such a personal thing, and so important too. The Zurich Value Your World Tool opened my eyes to the fact that we don’t just need insurance to cover our mortgage but to cover our lifestyle too. It’s so important to me that if anything happens to either Hubby or I that the children are well cared for and don’t have to worry about money – the Value Your World Tool knows about these concerns and really helps you prepare for any eventuality – even the ones that are hardest to think about.