Life insurance is not going to be your most exciting purchase this year, but it's an important one, and it's important you understand what options are available to you.
Simply put, life insurance will pay out in the event of death. There are many different types available, but the one we recommend the most is term assurance. We feel this type best meets the needs of our customers and offers very good value for money.
With this form of life cover you choose how much cover you need to insure yourself for, and for how long. If you pass away within that time period, the policy pays out.
There is also an additional benefit included called Terminal Illness cover. If you are given less than twelve months to live, the cover will pay out early so that you can use the money to make things more comfortable, to spend time with your family and arrange your finances.
Terminal Illness cover should not to be confused with critical illness cover though which is something completely different!
The principle of term assurance is a simple one, but choosing the right amount of cover, the length of cover, and whether to choose a lump sum or an income can be quite daunting and that's why we are here to help.
We speak to many customers who bought cover without advice in the past as they thought it was an easy thing to buy, but they have often taken out too much cover or even worse, too little.
And not everyone even needs life insurance. If you have a partner or children who would be financially worse off if you were to die, you should have a policy to give them financial support.
But if you don't have any dependants, it's highly likely you do not need cover. You will probably still need other forms of insurance though, to protect yourself against falling ill and losing your income but we are here to advise you on what’s best for your circumstances so that you only pay for what you really need.
So do let us help you choose the right cover for you. Give us a call on 0800 316 3166 and we'll be more than happy to talk you through the options available.