Most people believe that a life insurance policy is clear cut and straightforward. You pay a monthly premium, and then you die and the specified bulk sum of money is paid out to your beneficiaries. There are, however, other aspects and dimensions to your policy that you may not know about. Some of these you may have included in your policy, whilst others you could have added to your policy. Oftentimes there are additional extras for your policy that your broker will inform you of, but because you are just focused on getting life insurance cover, you will not be willing to listen or absorb this information.

One of the most important extras you can add onto your policy is the funeral expense cover. This will pay out a lump sum immediately after your death to your family so that your funeral costs will be covered. A lot of people do not realize just how expensive funerals can be, and the cost of it can be an excruciating extra stress on your loved ones at that difficult time. The extra premium for the funeral cover will be very minimal and affordable, and at least you will have the assurance that your funeral costs are covered. The last thing you want is to be a financial burden on your grieving family. The funeral cover is paid out within 24 hours of your death, unlike your policy lump sum which may take a bit longer. This is so that the funeral arrangements can run along smoothly. The funeral cover beneficiary can be different to the policy beneficiary, as this will be the person who will arrange your funeral and will handle the money for that purpose. The beneficiary on your funeral cover policy should be someone you trust will be able to manage the funeral arrangements.

The next thing you can add onto your policy's cover is disability and functional impairment cover. It is important to check whether or not this is already included in your coverage, as often it is. This coverage will protect you in the event of you becoming disabled, or unable to work anymore. Usually you will just receive a lump sum payout upon your claim regarding your disability, or being physically unable to work anymore. This extra cover is nice reassurance that you will be financially ready should anything happen that stops you from being able to work anymore. The disability and functional impairment coverage is imperative if you are a financial provider in your home.

Some life insurance companies also have a special division for women. There are even life insurance companies that tailor their services solely for women. Some of these companies will have a baby bonus, whereby they will pay you a sum of money upon the birth of your children. If you are a woman, this could be a viable option for you. The extra money will certainly help when there is a new baby around!

Some insurance companies have a money back plan on their policy. This means that after a certain specified number of years, you will receive a portion of your policies paid back. If this is included in your policy, be sure to keep track of when you are due for this payout.

Lastly, a nice extra bonus on your policy is the savings benefit that is available from some companies. This is where you pay an extra specified amount that goes into an interest bearing savings plan. That saved money can come in handy for future expensive costs and other things you may need it for. This can go hand in hand with education savings plans that some life insurance policies have. This is where you contribute a certain amount of money every month in conjunction with your policy, and the money is kept towards a savings plan for your children's schooling.

The best thing to do is to speak to your insurance broker, and ensure you understand all the details of your policy. Ask questions and get quotes on the extra coverage you want, so that you are making an informed choice.