Life insurance Newcastle is essential for protecting your family if the worst were to happen. For those whose income is relied upon by family members or a partner, it is especially important.
Seven Bridges life specialise in providing individuals and corporate entities with the plan and provider that suits their needs and budget. And as a family run, independent business we know that your loved ones are your first priority.
Today, we’ll be exploring some common questions about life insurance Newcastle…
- What is life insurance?
- Do I need life insurance advice
- How do I choose the right policy for me?
What is life insurance Newcastle?
Usually paid as monthly premiums, life insurance ensures the financial security of your family. This is for instances if you were to pass away or be diagnosed with a terminal illness.
If either of these were to happen this is what we can do. Your family receive a lump sum or monthly instalments to pay off any outstanding liabilities, continue to pay the mortgage and other bills and continue with their current lifestyle.
Do I need life insurance advice?
You don’t necessarily need professional advice when choosing a plan. however with many life insurance plans lasting for upwards of 15 years, it pays to make sure that you are receiving the maximum protection for the amount you’re paying.
We have decades of combined experience within the insurance and financial sectors. Our extensive knowledge of the marketplace makes us ideally placed for finding the policy that will work for you and provide you with peace of mind.
Working with one of our Life insurance Newcastle experts, you benefit from both our expertise and our relationships with insurance providers. So you can rest assured that your policy is giving your family the best possible protection at the best possible price.
How do I choose the right policy for me?
The policy you eventually choose and the amount you pay will depend on many factors. The chief ones being your current health, age, policy length and the amount of cover you require.
Here we’ll introduce some of the most popular types of life insurance….
As the name suggests, this type of policy will pay out as a level lump sum which will provide your family with the means to pay off any outstanding liabilities and offers an invaluable safety net.
Decreasing Term insurance
For many people and their families, their chief concern is their mortgage. A decreasing term insurance plan decreases over time with your mortgage so if you were to die, your family will be able to make the remaining payments without worry.
Family income insurance
Available as both a level or decreasing term policy, this type of plan pays out as manageable monthly instalments in the event that you pass away.
Whole life insurance
This comprehensive plan will pay out as a lump sum regardless of when you die providing you maintain premium payments. These types of policies will involve part of your monthly premiums being invested by the provider.
Critical Illness Cover
Critical illness cover works in a similar way to life insurance. Differing in that your policy will pay out if you were to fall critically ill. It covers you missing income and pays for mortgage bills and your lifestyle.
If you are deemed unable to work as a result of illness or injury, income protection will pay a percentage or your earnings free of tax. This offers peace of mind to those who are not entitled to sick pay, such as the self-employed.
To arrange a free consultation with one of our Life insurance Newcastle specialists, get in touch today.