Your long term financial plan should be taken into consideration. This allows you to ensure that you and your family are financially secure even if the worst-case scenario, such as death or a serious illness. Therefore, life insurance is a crucial part of it.
Starting a family
Starting a family is exciting for many couples but they must be financially prepared for it. The cost of raising a child in the UK until they are 21 years old is estimated to be £227,266, which is around £10,822 annually. Given that the annual household income of the average UK adult is £38,762, around 28% (if not more) will be spent in raising a child.
Taking all of this into consideration, life insurance financial planning is highly important. Two policies that are great for securing your dependents is family income benefit and level term insurance.
Family income benefit provides an annual payout to your beneficiaries upon your death. It will replace the lost income to allow your family to continue paying childcare expenses and pay off any loans taken out in the process.
Level term insurance, on the other hand, is a policy that gives a lump sum to your family upon your death as long as it occurs within the policy term. The payout will remain the same with time.
If you have a nine-to-five job, you probably imagine yourself retiring once you have enough in savings. In addition to regularly depositing money in your retirement fund, you should also consider taking out a type of life insurance policy UK: a retirement plan.
A retirement plan is an insurance that allows you to take care of your expenses in retirement. You will receive a guaranteed regular income. Moreover, some insurers even offer a tax benefit on the premium you pay.
Raising a family and retiring are two important life events that you should be financially prepared for. Life insurance allows you to achieve this.
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!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00