Life Insurance

Life is full of surprises and sadly some of them can be devastating. Life insurance is a way to shield and protect your loved ones financially in the event of your death. In its simplest form, life insurance pays out a fixed sum to your family in the event of your death. Most families use it to pay off a mortgage, to help cover the costs of your funeral or to meet the day to day living expenses of your surviving family. Choosing to take out life insurance now can give you the peace of mind that you’ve done everything you can to take care of your family both now and into the future, and because life insurance premiums get more expensive as you get older, you could save substantially by fixing your premiums now.

Life insurance policies come in a wide variety of formats. Some of the variables you will need to take into account include:

• The term: Life insurance can run for the amount of time you request. Terms can be as short as 5 years, or can cover you indefinitely until you die (known as a ‘whole of life’ policy). In general, the longer you are covered, the more the policy will cost.

• The amount: You can be insured for as little as £5,000 or for several millions if you wish. Again, the higher the amount you wish to be covered for, the more your policy will cost.

• The payment: Most policies pay a lump sum to your beneficiaries in the event of your death. However, you can choose to instead provide a regular monthly or annual income to your family for years after your death, or to provide a combination of the two.

• What’s covered: You can also choose various options in regards to what you wish to be covered. This means you can choose to have the policy pay out in the event of your death, critical illness, or if you are diagnosed with a terminal condition.

There are other variables and options available to tailor your life insurance policy to your specific needs, so let us help you navigate the often confusing offerings from major insurance providers. Our advisers are experts in this field, and will be able to find you a policy that really suits your needs and budget.