Life Insurance

Understanding Life Insurance

Whether you’re single, in a relationship, have a family or are a single parent, protection can give you the financial security you need for yourself or for your dependants.

If you have anyone financially dependent on you, such as a partner, sibling, children or even an ageing parent, then Life Insurance is for you. People take out life insurance policies to ensure that, if they die, their loved ones are looked after. Life insurance can help with paying off debts, household bills, childcare costs and account for your mortgage payments.

Single or Joint Policy

Many couples buy one joint life policy because it is usually cheaper than two separate plans. It is also often easier to deal with just one set of paperwork. But it’s important to bear in mind that many joint life plans pay out only on the first death.

Opting for two separate policies means that the surviving person will still have cover in place even if the other person dies. This has the advantage that any future dependants will be financially protected, and the surviving policyholder won’t have to look for new cover. It also means that, in the event a relationship breaks down, there won’t have to be any negotiations over what happens to the policies, as each plan is separate from the other.

 As a nation we protect our homes, our belongings and even our pets more than we do our lives, with a worryingly small proportion of the adult population investing in suitable.

Policy Options

Helps you protect your loved ones by paying a cash lump sum on death or the diagnosis of a terminal illness.

Whole of life insurance is an insurance policy which stays in force for your entire life time. Rather than having a set term this policy doesn’t have an end date as long as the premiums until you die.

Level term means that throughout the term of the policy your cover will stay fixed.

Decreasing term is a policy that decreases in line with your mortgage loan.

Meet The Pickfords

Paul Pickford suffered a terrible stroke at work which left him paralysed. His wife Vicky is now his full time carer. Paul was the main breadwinner and has been forced out of work due to his illness and now cannot provide for his family. Paul’s story highlights the need for people to plan financially if they were to become too ill to earn an income, what would you do?

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