WHAT IS LIFE INSURANCE?
Life insurance is a type of insurance contract which pays out either a lump sum or regular monthly payments to your dependants should you pass away during the term of the contract.
It’s designed to provide you and your family with peace of mind that they will be looked after financially if you’re no longer around to provide for them.
WHY SHOULD I TAKE OUT LIFE INSURANCE?
Life insurance is a vital part of financial planning for anyone who has a mortgage and/or dependants.
Dependants could be your partner, your children or anyone else who is financially reliant on you.
Nothing can replace a lost loved one, but if the unthinkable happens to you it is essential that you leave your family in a financially secure situation.
Many people assume that their existing arrangements such as Death in Service from their employer is sufficient. This can be utilised in planning your protection but usually it is not sufficient to cover all of your needs.
HOW DOES LIFE INSURANCE WORK?
Life insurance pays out a cash lump sum if you die during the length of the policy. It can be used to help repay the mortgage or help protect your family’s lifestyle and everyday living expenses. You choose the amount of cover you require and how long you need it for.
You can choose level term assurance, where the cover remains the same during the length of the policy, or decreasing term assurance – this is usually to protect a repayment mortgage – where the cover decreases every month as the mortgage loan decreases.
The amount of cover you require will depend on your personal circumstances. We’re here to help you, by discussing your unique circumstances we will be able to advise on the amount of cover required, the length of the cover and the type of life insurance you need.
HOW MUCH DOES LIFE INSURANCE COST AND WHAT AFFECTS THE PRICE?
Policies can start from as little as £5 a month.
The price you pay for a life insurance policy varies depending on a number of factors. These include:
- Your age
- Your medical history
- Your lifestyle
- Whether you smoke
- The amount of cover required
- The length of the policy
- Whether you choose add-ons such as Critical Illness Cover
- Whether you choose level or decreasing term assurance
GETTING A LIFE INSURANCE QUOTE
Willowgate Finance works with a number of the UK’s leading life insurance providers to offer you high quality cover at a competitive price.
We will ask you a series of questions to determine your individual circumstances and requirements and provide you with a personalised quote.
As with all insurance policies, conditions and exclusions will apply.
CONTACT US FOR A FREE, NO OBLIGATION CHAT