For some, especially young people, taking out life insurance might not be something you have ever thought about seriously. Life insurance is a crucial safety net designed to protect your loved ones in case the worst happens. Sadly, many families would find themselves running short of money very quickly if the main breadwinner were to die unexpectedly.
Receiving a payout from a life insurance policy can be the difference between your loved ones facing a financial struggle at a challenging time and being able to maintain their same standard of living.
There can be a lot to think about when it comes to choosing the right life insurance policy. Here are four key questions you might be asking:
There’s no one-size-fits-all approach to life insurance. In deciding how much cover you need, consider your existing and future financial obligations, including mortgage and any other debts you may have. Think too about how much income your loved ones might need if you were to pass away.
There are two main types of policy:
Every policy is different so there’s no definitive answer! But, with products starting from a few pounds a month, there is a policy for every budget. It’s a very small price to pay for the safety net of knowing that your loved ones won’t suffer financial hardship.
In a word – no! When applying for life insurance, it is important to be honest about your health and lifestyle habits. If you provide any information that later turns out to be misleading, this could result in your policy being cancelled or your claim being denied.
Sorting out the right life insurance cover can seem a formidable task. When the stakes are so high, it’s a good idea to get advice from an expert – we’re here to help.
10 May, 2023