Life insurance advice | What type of life insurance policy is right for me?
Seven Bridges offers life insurance advice to help ensure you take out a policy that best suits your needs.
We’re proud to be one North East’s leading independent Life insurance consultants. We receive a lot of questions from people thinking of taking out their first policy.
Therefore, today we’ll be taking a look at a few of our most common FAQs.
Do I need Life Insurance?
Life insurance can provide invaluable peace of mind for everyone. It is especially important for those who are the main provider in their household.
If your children, partner or other family members rely on your income, we recommend seeking life insurance advice. Protect your loved ones from financial difficulties if the worst were to happen.
Life insurance will allow your family to continue paying your mortgage, living expenses and retain their current lifestyle.
What are the different types of Life insurance?
Life insurance can be broken down into several types. Our life insurance advice takes you through all of the options available to find the ideal solution for your needs and circumstances.
So, what are the different types of Life and Illness insurance?
Level term insurance
One of the most common forms of Life insurance and often the most budget-friendly option. A level term policy pays out as a lump sum if you were to die within the agreed upon policy term.
Decreasing term insurance
A decreasing term policy is connected to a liability such as your mortgage, which will decrease over time. This will allow your family to pay off the outstanding liability in the event that you passed away.
Whole of life insurance
Unlike the previous two forms of policy, a whole of life plan will pay out no matter when you pass away. Provided you fully disclose any health issues and maintain monthly premiums
Critical illness cover
A critical illness policy will protect you and your family financially if you were to fall seriously ill with a condition such as cancer, multiple sclerosis or Alzheimer’s.
Income protection is important for those who are not entitled to sick pay, such as the self-employed. Income protection will pay out as an agreed percentage of your earnings tax free.
How do I choose the right plan for me?
The right plan for you will depend on what you need from life insurance. If your mortgage is your main priority, a decreasing term plan could be your best choice. If you are in need of a more comprehensive policy, whole of life insurance will provide you with complete peace of mind.
There are, of course, many variables to take into consideration which we explore in detail with you in our free life insurance advice meetings.
Where can I find Life insurance advice?
Above all, Seven Bridges offer a comprehensive life insurance advice service based on our decades of combined experience.
As a family run business, we understand that your priority is your family’s security so you can feel safe in the knowledge that our experts will find the provider and policy that will offer the best protection for your and your loved ones
We offer a transparent process, including free consultations and tailored quotes. We’re paid directly from the provider you decide on in the form of commission which is fully disclosed during the process.