Life Insurance

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Do I need life insurance? Taking care of your money matters

Research from MoneySuperMarket found that two-fifths (40%) of homeowners with children haven’t taken out life insurance.
Regardless of your age, you may want to consider life insurance. A lump sum payment on death can pay off your mortgage, easing the financial burden on those left behind.
If you’re already paying multiple monthly premiums for things like your car, travel, or building and contents insurance, then you might be thinking, do I need life insurance as well?
It may be an additional monthly cost, but ask yourself: on your passing, do you want your family to have money worries?

Just one piece of the jigsaw

Protecting your family isn’t just about having life insurance and other safeguards such as critical illness cover in place.
It’s important to consider your finances as a whole and who your estate will go to. When you take out a life insurance policy with us, you get access to our complimentary estate planning service.
This offering explores topics like writing a will, whether you should put your life insurance policy into trust for your beneficiaries (to potentially avoid inheritance tax), and ensuring the people that you want to benefit are named and looked after in line with your wishes.

What does failing to plan look like?

If you have a family and a mortgage, but no life insurance in place, you could leave a lot of financial problems behind.

Would your partner or spouse be able to afford to stay in your family home if they had to pay the mortgage on their income alone? ​

Would there be enough money for them to live off while your estate is dealt with?​

Would you want them to be worried and stressed at the worst possible time?​

We can’t predict when illness and death might happen to us. That’s why putting a life insurance policy in place makes sense, regardless of your age.
If you’ve just taken out a mortgage, for example, you’re likely to have a larger sum to pay off than someone later in life, meaning the potential financial burden is greater if anything happens to you. Life insurance premiums are also typically cheaper the younger you start.

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It could prove more expensive not to have life insurance

Life insurance is also beneficial even after you no longer have a mortgage. For example, you may still be the main earner in your family. And if you were to pass away, the payout could help with one-off funeral costs and ongoing living expenses to give your family time to adjust.
We don’t offer a one-size-fits-all approach. For example, you may want your life cover to run until the end of your mortgage period or until your kids leave home. Alternatively, you may want to explore whole life cover for extra peace of mind.
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Focused on what’s best for you and your family

Our experienced advisors will discuss what you need in more detail to ensure you get the right policy for you for the right length of time.
We’re an honest and ethical company, so we’ll ask what you want from your life insurance policy. Reviewing your details every year is essential to ensure your cover is still suitable for you and your family.

None of us can guarantee we’ll be here tomorrow, so get in touch now to get started with your life cover.