Protecting your family
Life Insurance provides peace of mind and protection for your family in case the worst was to happen. Your Financial Adviser will discuss the importance of having Life Insurance in place especially if you have a mortgage that will continue to need paying.
What is Life insurance?
Most of us have our phones, cars, holidays, buildings, contents and pets insured but why are we always so quick to overlook insuring ourselves?
It isn't nice to think about but we won't be here forever and what would happen to your family and loved ones if you were not here to support them financially or emotionally?
By having a Life Insurance policy it means your loved ones will receive a lump sum of cash upon your death.
You can choose the amount the policy will pay out and you even choose the length of time you are covered for and how much you wish to pay each month towards the policy.
Why do people take out Life Insurance?
The answer to this is simple - peace of mind. Not only for you but also for your loved ones.
Funeral Expenses
Children's Education
Repaying a Mortgage
Income replacement
Sum insured
Funeral Expenses
Children's Education
Repaying a Mortgage
Income replacement
Sum insured
What kinds of Life Insurance are available?
Level Term: A policy which pays a set amount upon your death. The pay out and your monthly premiums are arranged at the outset and will not change.
Decreasing Term: A policy where the amount of cover chosen reduces over time and therefore the pay-out made upon your death decreases. These types of policies are usually taken out alongside a mortgage, the mortgage balance reduces over the years as does the life cover.
How much is Life Insurance?
This is totally dependent upon each individual's health, lifestyle and personal preferences about the cash pay-out, the term, and the premiums Let's take a look at the 3 elements that calculate the cost
- 1. The amount you would like to be paid out is taken into account. Remember the higher the pay out the higher the premium will be. For this reason it is often a good idea to have an idea of how much you would need or like your loved ones to receive. Take some time to think about how much you owe on your mortgage, joint debts and how much income your family would lose if you were no longer here to earn. Don't forget to also think about the milestones and occasions you would have perhaps contributed towards, house purchases, settling down, marriages, children - you could still ensure you are part of those special times by planning ahead
- 2. How long do you want the cover for? The longer the policy the higher the premium will be, as the older you become the more likely you are to pass away whilst still insured. Take some time to think about how long your family would need your financial support for.
- 3. What is your health and lifestyle like? Remember a healthy person will always pay less than a person who has a medical condition or an unhealthy lifestyle and your family medical history can also impact the cost of your policy. This is not to say you won't be able to get insurance it may just mean you pay slightly more.
Protecting your future
Your Financial Adviser will discuss all of the ways in which you can protect your future from the unexpected whether it be from loss of income or diagnosis of a critical illness: Future proofing is the safest way of protecting your future and we are able to provide all the advice and guidance you need to plan ahead today to protect tomorrow.
