Put simply, life insurance pays out in the event of your death. It is designed to provide a financial safety net for your family should the worst happen. A lump sum is paid to your family to be used however they like – to pay off the mortgage, cover rent and household bills, and help with living costs, etc. It gives you peace of mind that your family will be looked after.
If you have a family, ask yourself these questions:
Not everyone needs life insurance, but if you have financial dependents then it is essential you discuss your options with an expert.
That depends on your regular monthly outgoings, other financial commitments, medium and long-term financial plans (such as investments or your children’s education) and the type of financial security your family would need in the event of your absence. It is not always straightforward to work out the right amount or the most appropriate cover, which is why we recommend you speak with an expert to explore the optimum life insurance for you.
You can choose the type of cover that you take. Some opt for whole life cover while others cover a fixed term e.g. 25 years. Whole life cover guarantees your family a payout whenever you die. However, if you have a mortgage that lasts for 25 years then you might want life cover for the same period. The length of term of the cover is normally reflected in the premiums.
That depends on a number of factors, including your age, health, smoker/non-smoker, length and type of policy, and the term of the policy.
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
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