Do I Need Life Insurance?
life insurance policy pays out a lump sum or regular payment to your loved ones if you die. If you have a family it is important to consider their future and how they would cope if you were to die prematurely especially financially.
A life insurance payout could be used by your beneficiaries:
- pay off a mortgage
- replace an income
- pay for childcare or education costs
- maintain their current standard of living
Life insurance comes in many forms; term, whole of life, endowment, joint etc. your advisor will be able to arrange a policy that is suitable for you.
How Much does Life Insurance cost?
Life insurance cost will vary depending on which type of cover you take out. The higher the risk of you dieing will impact the monthly cost you will pay. if you are a smoker or have a dangerous job the level of cover will be more expensive.
The level of cover you require will also affect how much your monthly payments are. A £100,000 policy for 20 years will cost less per month that a £200,000 whole term policy. Every provider is different and your actual quote will depend on the level of cover you require. Your advisor will take into consideration mortgage amount, any other debt when providing you with a free quote so if the worst were to happen your family would be able to deal with grieving without having to worry financially.
Life Insurance with critical illness cover
Taking out life insurance is a good idea when planning for your future. If you have defendants it is essential so that they will be looked after if the worst were to happen. Critical illness cover is important too. This will mean you can get help if you become ill with a life changing illness or disease. If you are unable to work or need extra care this policy will cover the costs allowing you to concentrate on recovery while knowing your financial situation is covered.
Compare Life Insurance Quotes
Sometimes going for the cheapest quote will not be advisable. If the level of cover is not what you need or your circumstances have not fully been taken into consideration then you may end up losing out and paying for a policy that may not pay out or will not cover all of the costs for your family. It is a good idea to speak with a specialist protection adviser who will take all of your details into concideration and use their expert knowledge to get you the best deal for your circumstances.