There are a few reasons as to why people choose to purchase a life insurance policy. The arrival of a child, marriage, or getting a mortgage often prompts the thought and conversation around how their loved ones would manage financially if you weren’t around anymore.
What is life insurance?
Life insurance acts as a safeguard for your family’s financial well-being in the unfortunate event of your passing. Death isn’t something people like to think about, so life insurance is often disregarded. Direct Line’s research shows that while 60% of individuals acknowledged the potential benefits of life insurance for their families in the event of their passing, only 35% actually had a policy.
What is the cost of life insurance?
The premiums’ cost depends on multiple factors, such as the desired coverage amount and duration, alongside your age, health status, and lifestyle choices like smoking or drinking.
How life insurance works
You have the flexibility to select both the duration and the payout amount of the policy, should you make a claim. Depending on the specifics of your policy, the payout can either be a lump sum or distributed in monthly instalments. Speaking with a protection adviser can help you understand which type of policy would be right for your needs. For example, you might opt for a Family Income Benefit, providing monthly help with bills and expenses, alongside a life insurance policy designed to settle the mortgage.
Choosing the right policy
Life has a way of surprising us when we least expect it. Taking some time to prepare for unforeseen circumstances could offer you and your loved ones the reassurance that they’ll be safeguarded if the worst were to happen.
While there’s a wide range of life insurance policies to consider, navigating through all the available options can be overwhelming. If you require further information or have any questions, our team of protection advisers are readily available to help you. Request a callback from our team online or simply call our office on 01634 968111.
Important information
For insurance business we offer products from a choice of insurers.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount will depend upon your circumstances.
The fee is up to 1% but a typical fee is £598.
