Life Insurance – Need to Knows

Darren Shepherd
February 5, 2020

Life insurance may not be at the top of many people’s ‘to do’ list, but arguably it’s one of the most important financial products anyone can take out, and one of the best ways of protecting your loved ones financially. Life insurance is one of the best financial safeguards you can put in place; every year it provides millions of families with the peace of mind that if the worst were to happen, then they would be provided for financially. Getting the right level of cover
The amount will vary according to your lifestyle and your circumstances. In arriving at a figure, you’ll need to think about providing a financial sum that could take care of big commitments like paying off your mortgage and any other loans that you may have and providing the money your family would need to live on. It can be hard to gauge how much cover you need on your own. This is where it pays to take advice, we can help you assess how much is right for you and your circumstances.

Thinking about term insurance

Term life insurance policies run for a fixed period of time and pay out if you die during the term of the policy. There are different types of cover to choose from, including level term insurance, where the cover remains at a constant level throughout the policy, or decreasing term insurance where the level of cover reduces over the term of the policy, with the sum assured reducing in line with the outstanding amount of your mortgage.

Whole-of-life policy – for the long-haul

As their name suggests, whole-of-life policies, provide cover that lasts a lifetime. This type of policy doesn’t normally have an end date, so premiums are paid until you die, at which point the policy pays out (sometimes premiums end at a certain age, but cover continues until your death). This type of cover is generally more expensive than term insurance as the policy can be in force for many years.

Meeting your lifetime needs

The great thing about protection policies is that they can be tailored to meet changing circumstances throughout your lifetime. It’s likely that your insurance needs will alter over the years as your lifestyle changes, so when you buy a property, have a family, take on more debt, change employment or reach retirement, then the amount and type of cover can be altered to meet your new requirements. Cover can be combined with protection against accidents, critical illness and unemployment too. No-one can predict what the future holds, but we can certainly all make plans that will ensure that our families are adequately provided for, should the worst happen. Having peace of mind in knowing that you’ve got things covered is a great place to be.

As with all insurance policies, conditions and exclusions will apply

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