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Life Insurance
Life Insurance is a protection policy that offers a round sum, should the worst happen. It offers both peace of mind for you and protection for your family in the event of your death. Providing you are upfront and honest when you take out your cover, the cause of death is irrelevant (excluding suicide in the first 12 months). Ensuring you take out the most suitable and affordable premium is pivotal and the amount your family will receive in your absence is dependent on the level of cover you decide to take.
Do I need it?
At Policy Library, we find that life insurance is generally more of a consideration for those who have dependants, providing a financial safety net in the event of your death. However, those without children may just want to make sure expensive funeral costs are covered, so not to leave that burden with their loved ones after they’ve gone. Life insurance costs can vary but is generally a small monthly payment.
What type do I need?
A Whole of life policy is an agreement that offers a guaranteed payout, regardless of how or when you die.
Decreasing term policies are based around a set number of years, often most valuable to those looking to align cover with the remaining balance of their mortgage.
If you want to specify a fixed amount over a fixed term, then a Level term policy is probably for you. Your premium and payout stay the same, regardless of when you die.
Still unsure? We're here to help
If you're still unsure about what life insurance is and whether you need it, please give us a call, or we'll call you. Just fill in our request a call back form, or head to our contact page - we're here to help.
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