Do you have Life Cover? Nearly 40% of UK Mortgage Holders have no Life Insurance.
Life assurance is vital to provide financial protection for you and your family’s future. Crucially it can be used specifically for paying off your mortgage, providing lump sums to help your family and loved ones, or by covering expenses such as medical bills, funeral costs, debts, mortgage payments, and children’s education costs. It replaces income for your family in the event of your death, ensuring their future financial stability and preventing immediate hardship.
Click on our Risk Reality Calculator below and find out the likelihood of you needing protection.
There are different types of Life Assurance products, covering Term Assurance, Whole of Life and others.
A Life Assurance policy pays out a sum of money when the person who is covered by the plan dies. The money is intended to pay off any outstanding debts and support your dependants financially by providing them with a further lump sum or a regular income if you die.
Even if there are no dependants who may be financially affected by your death, some Life Assurance policies could go towards covering funeral costs.
The type of Life Assurance and the amount of cover will depend on an individual’s particular circumstances and requirements. Factors to consider will include age, dependants, level of income and financial liabilities.
Premiums are normally paid to the insurance company either monthly or annually for a fixed period of time or in some cases, until death.
While the overall concept of Life Assurance is fairly easy to understand, there are some complexities.
Most importantly, there are different types of Life Assurance products, covering Term Assurance, Whole of Life, Endowment policies and others.
However, because of the many options and flexibility, Life Assurance can be a powerful instrument in your financial planning toolkit.
Please be aware that in some cases this type of assurance is based on an assessment of the health of the applicant.