Getting the right life insurance policy could be the difference between your family being comfortable if the worst happened or being forced out of their home at the worst possible time. It is one of those things that everybody wants to put off until tomorrow because nobody expects the worst today.
There are so many things to take into account when working out how much life insurance to have – single life, joint life, joint life first death, level of mortgage debt, outgoings, lifestyle and numbers of dependants. There are also inheritance tax implications that you could speak to a tax specialist about – the life insurance policy could potentially pay outside of your estate for example.
Talk to us and we can help.
Life Insurance Advice
- Lump sum payout can be used for most purposes
- Can be combined with a critical illness cover
- Can be paid outside of your estate for IHT
- Fully independent whole of market unbiased advice
Some things to think about include how many people are dependent on you financially and for how long. Any debt that requires paying off. Future expensive planned events like university education.
We can help go through these items so you and your family are adequately covered.
There are several different types of life policy – whole of life, level term and decreasing term are some of the main ones.
Whole of life pays out on death providing all premiums have been paid. This type of policy is ideal for IHT planning.
Level term will pay out the whole insured amount if death occurs within the insured period time frame.
Decreasing term will pay out less each year within a set timeframe – this is usually referred to as a mortgage payment protection policy, as it is usually set to pay off any mortgage outstanding.
When you go onto a price comparison website for life insurance you are not getting an underwritten quote. What this means is when you see how cheap it is you phone up for them to ask you loads of questions and then the price goes up due to the underwriting of your actual circumstances.
We only give you the underwritten prices not the impossibly cheap teaser prices.
Life Insurance
Unlike most other types of protection insurance, life insurance has some of the easiest form of eligibility rules – you are either alive or not. The complexities for life insurance lay in how much cover to have and for how long to have that life cover for. None of us want to die (full stop) and leave our loved one(s) in a mountain of unpayable debt. Level term life insurance, decreasing term life insurance, life and CIC, joint life – all of these life insurance policies would provide a lump sum in the event of death – but which one is right for you?
We can take you through this complex insurance market and find the right protection product for your circumstances, which could potentially save you hundreds of pounds now, whilst ensuring that it doesn’t cost you thousands of pounds in the future.
Let us help find you the perfect life insurance cover to protect you and your family.