Why do we need life insurance?
Although it's difficult to think about, try imagining your family situation if you or your partner had died or either of you were unable to earn. There would be bills and a mortgage to pay, possibly funeral expenses or home adaptations for critical illness; the point of protection insurance is to help you meet these liabilities.
Imagine what situation your family would be in in the event of a tragedy. It's a difficult subject to think about & not immediately important, but the issue is real. With even funeral costs reaching thousands; the knowledge that your family is protected in the event of a tragedy is very reassuring.
Who should I cover with life insurance?Generally you can insure your own life and that of your partner, either individually or jointly. If you choose a joint policy, it will only pay out on the first death or a partner.
How Long do I need life insurance for?Usually the amount your life insurance should cover, would be your liabilities your family would have to pay; like your mortgage, credit cards and funeral expenses. A simple way is to work out how much your family would need to be debt free.
Will my health matter?If you have pre-existing medical conditions, you can still get life insurance, however it is likely that the insurer will want to check your medical records before offering a policy. Speaking to one of our professional advisers can make this an easier process.
I need to protect my family.
How much can Life Insurance cost?
The cost of the monthly premium varies greatly, but the general rule is that the younger you are and the healthier you are the less you will pay. Oh, and quitting smoking is the easiest way to seriously reduce premiums.
How long will the Life Cover policy last?
The length of time your policy is to last, is called the Term of the policy. Most policies are taken out over the period that needs to be covered. For example it is a good idea to have a life policy for the term of your mortgage or until retirement age to cover your liabilities.
How much do I need to cover with Life Insurance?
Usually the amount your life insurance should cover, would be your liabilities your family would have to pay; like your mortgage, credit cards and funeral expenses. A simple way is to work out how much your family would need to be debt free.