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Guide to Life Insurance

What is life insurance?

Life insurance is a promise you buy from an insurance company, a promise to help take financial care of the people you leave behind.

Provided you have told them the truth about your health, hobbies, occupation and lifestyle and paid the premiums to the point at which you need to claim, they will keep the promise and pay out a lump sum or regular income to help your loved ones cope after you have passed away.

Types of life insurance

There are two main types of life insurance, level term or a decreasing term (also known as mortgage protection)

Level term insurance allows you to fix the desired cover amount over a fixed policy term. If you pass away during the term then your family could receive a pay out at the value you chose.

Decreasing term insurance differs as the amount of cover shrinks inline with your mortgage meaning your family would receive a lower pay out than the initial cover amount.

Protecting your loved ones

It might not be something you think about every day but who will pick up the day to day bills for your loved ones when you are no longer there to pay them?

Without your income, how will those left behind clothe and feed themselves or keep the roof over their head if the mortgage still needs to be paid. Many people are left in a situation where they wish they could turn back the clock. It’s surprising how little it costs to avoid that feeling and have peace of mind knowing that when you lay your head on your pillow at night, you’ve taken care of everything.

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