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Life Cover - Paying the Price


These days there are many ways to pay for the things we buy. As well as the traditional methods of cash, cheques, debit cards and credit cards, other ways such as bank transfers, online transfers and PayPal are becoming increasingly popular.

When it comes to regular payments to the same company, direct debit (DD) is widely used. A direct debit is simply an instruction to your bank or building society to allow regular payments to be made to a business. It's a convenient way to pay electricity, gas, water, council tax and telephone bills, for example. It's efficient for both parties and many service providers offer discounts for paying this way.

If a DD payment is collected in error, all banks and building societies guarantee a full and immediate refund. You can also cancel a DD arrangement at any time by simply telling your bank or building society. If the company collecting payments changes the amount they are collecting - or its frequency - they must give you suitable notice.

If you buy life cover it's likely that you will pay for it monthly by DD. The amount of payment is typically fixed at the start of the cover and will not change. And you can usually specify which day of the month you want the payments to be taken.

Life cover is life insurance that pays out a lump sum on either death or terminal illness. A terminal illness is a deteriorating, incurable illness which is expected to cause death within 12 months. You can choose an amount of cover that doesn't vary (known as level cover) or 'decreasing' cover where the amount goes down year by year, usually to cover the outstanding balance on a repayment mortgage.

Life cover is often very affordable, so the monthly payments could be very reasonable. For many people it buys financial peace of mind and is a cost worth paying. If the worst happens it can provide financial security for those left behind. The cash sum can be used to pay everyday bills and expenses, pay off debts and fund larger costs like house repairs, a new car or a holiday. Without significant cash sum like this many families would struggle to make ends meet following the loss of a loved one.


You can go online to find out more details of the cover available and its likely cost. Some companies allow you to apply for life cover over the phone. This is a very efficient way to get cover and should be a much quicker process than completing a paper or online application form as well-trained staff can ensure all the necessary information is obtained and they can also answer any queries you have.


About John Lewis Insurance


John Lewis Insurance offers a range of insurance services selected by the John Lewis Partnership. These include car, home, pet, travel, wedding, event and life insurance products.

For more information about John Lewis Life Insurance please visit the website here - www.johnlewis-insurance.com/homepage/life-cover.html.



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