Are you trying to source affordable life cover? Are you looking for cheap life cover to protect you and your family without breaking the bank?
The majority of us don’t stop to think before insuring our home, our car or a holiday. But one thing that many people don’t insure the most important thing, their life.
Cost is a common barrier for many people. However, with the right knowledge and expertise, you can find a policy that will provide you with peace of mind at a price you can afford.
In this blog post, we’ll be covering some common questions we receive from people looking for affordable life cover.
Do I need life insurance?
Life insurance provides an invaluable safety net for your family which will protect them if the worst were to happen.
For this reason, taking out a life insurance policy is a sensible decision for people of all ages.
If you’re not sure whether to take out a policy, ask yourself these two questions:
- Does your family, partner or other relatives rely on your income to pay for the mortgage, bills and/or their lifestyle?
- If you were to pass away, would your family struggle financially?
If you answer yes to either of these questions, life insurance is an absolute must for ensuring your loved ones’ financial stability.
How does life insurance work?
Life insurance is generally paid as a monthly premium for as little as £5 per month.
You choose the length of your term and the amount of cover to fit your needs and requirements.
Then, your insurance provider will evaluate your current health, age and other key factors to determine the cost of your monthly premiums.
Is cheap life cover any good?
This depends on the provider and the policy. Unfortunately, many people who take out cheap life cover find that it doesn’t provide the protection they thought they were getting.
But with this being said, there are plenty of affordable plans out there that you can put your confidence in.
With most life insurance policies lasting upwards of 15 years, investing early on in finding your perfect plan is a smart decision.
Here at Seven Bridges Life, we specialise in finding the ideal solutions for our clients based on free and comprehensive consultations in which we learn about your key priorities and requirements.
Working with us you benefit from our extensive knowledge of the marketplace, strong relationships with insurance providers and our years of experience within the industry.
What are the different types of life insurance?
There are three main types of life insurance:
Level Term Plans
A popular choice for those looking for affordable life cover, Level Term plans provide your family with an agreed lump sum or monthly payments if you were to die during the policy term.
Decreasing term plans
These plans are connected to a liability (usually your mortgage) meaning the amount that the policy pays out decreases over time, allowing your family to pay off the outstanding liability without trouble if you were to pass away.
Whole of life insurance
The two previous plans are fixed term options. If you’re looking for a policy that will pay out regardless of when you die, you need a Whole of Life Plan.
These are often more expensive however they do provide the most comprehensive protection for your family, so may be worth the investment.
Get in touch today to learn more or arrange a free consultation with one of our experts.