Are you interested in buying a life insurance policy? In the event of your demise, life insurance offers financial protection to your dependents. When you die, life insurance replaces your income. For this reason, you need to understand the basics of life insurance and options that you can explore.

Types of life insurance policies

·       Term life insurance: It is a standard policy that provides coverage for an agreed period. This means that if you don’t die within the agreed term, your beneficiaries will not get death benefits and the policy expires.

·       Permanent life insurance: This policy provides coverage for your entire life as long as you pay your premiums as agreed. One advantage of this policy is that you do not pay any interest on your investments and your beneficiaries will not pay tax once the death benefit is out.

Why you need life insurance coverage

  • Life insurance replaces your income. If you die living behind a spouse and children, money from life insurance will maintain their standard of living
  • Paying for burial and funeral expenses. Your funeral and burial costs could reach thousands of pounds. Without life insurance, your family may not be able to cover all the costs without your income in place.
  • Paying off a mortgage. Paying off the mortgage for your house can take 30 years or more. This could not be possible when you die and there is no other source of finance to rely on.

How do you buy life insurance for your family?

  • Determine your needs. Figure out how long you need replacement income. For this, you will have to calculate your debts, monthly living expenses, and your final expenses. This will help you determine how much coverage you need to secure the future of your family.
  • Choose a suitable insurer. Choose a company with a strong financial rating. These companies guarantee that they will make payments when you finally pass away.
  • Choose affordable premiums. Ensure the rating you are going for is completely affordable without struggles.

We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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