Life Insurance

What is life insurance and why do we need it?

Life insurance pays out a sum of money if, during the policy term, you die or are diagnosed with a terminal illness where you are not expected to live more than 12 months.

But life insurance is more than just a policy. It’s a safety net for your family’s future, whether it’s to cover mortgage payments, settle debts or provide for your children’s education. Life insurance offers peace of mind that your family’s financial wellbeing is secure.

Talking about death is never easy, but it’s important to ensure your loved ones would be looked after financially if you were no longer around. Life insurance is a promise to your family that they will be taken care of, no matter what the future holds.

Whether you are a new parent, a homeowner or simply planning for the unexpected, with the right coverage, you can rest easy knowing you are protecting what matters most.

Is life insurance worth getting?

Yes, of course. Having life insurance is probably the most important thing you can do to help protect the ones you love.

When you die, your policy can provide money for those left behind. It could help pay off the debts they are left, such as the mortgage. It gives you peace of mind and reduces your family’s money worries at a difficult time. Financial support can help them carry on without you.

For many people, getting life insurance is a useful protection policy, but it doesn’t apply to everyone. In some cases, other products such as income protection or critical illness cover may be more suitable.

If you are single, for example, with no dependents, or your partner and dependents would be financially secure without your income, buying life insurance may not be your top priority.

Am I eligible to apply for life insurance? How do I know if this is for me?

You must be at least 16 to obtain a life insurance policy. The maximum age for life insurance policy can vary, but you can usually secure cover up to age 90. You must also be a UK resident and live in the UK, Channel Islands, Isle of Man or Gibraltar.

How much life insurance do I need? How long should I get life insurance for?

These are some of the most common questions from our clients. To get an answer, imagine your household is one salary short forever. How would you or your partner cope financially? How much money would they need to maintain their standard of living?

A quick way to calculate how much life insurance you need is to multiply your annual salary by the number of years you think your family would need financial support. Bear in mind that this calculation would not take into account any salary increases or possible promotions at your workplace.

Another option is to add up your mortgage debts, household bills and other expenses and work out how much your family would need each year if they didn’t have your income.

How much should I budget for life insurance? What are the costs?

Generally speaking, life insurance is the cheapest policy out of all protection policies. It starts from as little as £5 per month, but the final price is down to the amount of cover required and the policy term.

There are also add-ons like ‘waiver of premium’ where your monthly payments can be paid by your provider if you are sick, become pregnant or lose your job. Another option is indexation, where you can choose for your amount of cover to go up in line with inflation.

Overall, the premium is defined by the client’s age, smoking status and medical situation.

What else do we need to know about life insurance?

Nobody knows what life could bring. We don’t know whether we will pass away due to an accident, sickness, or if we will live healthy, happy lives into our 80s or 90s.

Either way, it’s crucial to protect what’s most important to you – your family. By choosing life cover, their future does not have to be damaged. We always recommend the most suitable solution.

It may not be the cheapest, because based on our vast experience knowledge and our own clients’ claim experiences, we want your promise to be delivered. We represent you, the client.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.