Life Insurance is a financial product that enables you to leave behind money for your family when you die. This can be used to support them for a number of years, to replace lost income, or to pay off a large debt such as your mortgage. You will pay a monthly premium for life insurance. Your age, health, lifestyle and how much cover you need, as well as the type of policy you have, will all determine how much you pay.
Life insurance payouts can help provide financial security for loved ones and help reduce the disruption of losing a parent or partner.
It can be put towards unpaid debts, such as a mortgage, that fall to loved ones. There are also policies designed to contribute toward funeral costs.
Get the peace of mind you deserve in knowing should the worst happen your family will be financially secure and all your debts will be covered.
Critical Illness Cover pays a tax-free lump sum if you're diagnosed with a defined critical illness during the policy term.
Provided you keep paying your premiums, you should be covered throughout the term. Once the policy term ends, all protection stops.
When you take out a policy you can decide how long it will last e.g. until your children have grown up, or until the mortgage is paid off.
Critical Illness Cover is often available as a combined policy with term life insurance. In these instances, you can often only claim once.
Everything you need to know about Life Insurance and Health Insurance and Critical Illness Cover
The range of expenses is always growing. At one time, there were fewer: rent/mortgage, council tax, utilities, phone line and TV licence. But now, many of us have contracted payments to TV package providers, broadband providers, mobile phone companies and other subscription services.
That’s before factoring in things like owning a car. While it’s arguable that these are choices rather than obligations, very few of us would be able to live without them.
Naturally, we commit to these purchases because we don’t imagine that we will die. But if the worst should happen, would your loved ones have the advantage of being able to maintain these payments? One of the benefits of life insurance is that it could help your loved ones with these expenses.
Recent research found that 34% of adults had either no savings, or less than £1000, in a savings account.
Almost two-thirds (65%) of people believe they wouldn’t be able to last three months without borrowing money - Source https://www.money.co.uk/savings-accounts/savings-statistics
In many situations, putting money aside can be very challenging, and what savings one has can quickly get spent on unplanned outgoings – both good and bad.
The benefit of a life insurance policy is that it can mitigate for a lack of savings after you die, even if it is something like over 50s life cover, which has lower premiums than term cover and a predictable pay-out that can help cover the cost of your funeral.
A decreasing term life policy is a good way to make sure that your mortgage repayments are met in the event of your death. Any gradually-reducing debt can be covered with a decreasing term policy. It keeps track with your repayment schedule, with pay-out levels decreasing in line with the diminishing size of your debt.
Level cover offers a cash lump sum if you die within its lifetime, which can be used to repay debts or simply as a way of helping life to carry on without your help.
With most policies you usually have to wait a minimum of four weeks after you stop work for payments to start. This is called the waiting period. Some waiting periods last up to two years. The amount of money you pay for the insurance policy (called the premiums) may be cheaper if you can wait longer before you make a claim.
If you are thinking about your old age and don’t want your family to be troubled by the cost of your funeral, over 50s life cover means that you have the advantage of being able to contribute financially to the event.
Putting your cover into trust ensures that your Life Insurance pays out quickly, to the right people and doesn't form part of your estate which can help with inheritance tax.
One of our FCA regulated expert consultants close to you will get in touch within 24 hours.
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