Life insurance is an insurance policy that offers you a lump sum pay out should you pass away. This can be used for many reasons from repaying a mortgage, leaving an inheritance to your loved ones, or simply to pay for future funeral expenses.
With many different types of cover and options available, getting the right advice is crucial to making sure you have the right life insurance cover to suit your needs.
Life insurance does exactly what it says on the tin – it’s an insurance policy that pays out upon your death. These policies can be taken out to cover any sum that you feel appropriate, from as little as £5,000 to cover a funeral to £5,000,000 to cover assets, inheritance liability and properties. Generally speaking, you can arrange life insurance at any stage of your life, and can even apply after your retirement, most providers will allow you to cover yourself up to age 80.
Some providers will allow you to extend the term towards your 90th Birthday to help offset the costs of later life care.
But that is no longer just ‘it’ when it comes to life insurance – and this is where getting the right advice is important.
Life insurance companies now offer a wealth of support and have increased the options and benefits available to you when taking out a new insurance policy. For example, Terminal Illness Benefit means that should you be given a prognosis of 12 months or less, the life cover will pay out in advance, to help you and your family financially in the hardest of times.
There’s also ‘waiver of premium’ benefit meaning that if you are unable to work long term, they will waive the monthly premiums until you are able to return to work. This means you can keep your policy and all the included benefits even if you fall on financially hard times.
By discussing your family situation, liabilities, needs and lifestyle with a qualified adviser, you can get the advice you need to find the right life insurance solution for you.
If you would like to discuss your life insurance arrangements, contact us.