Searching for life insurance advice? Here at Seven Bridges, we have decades of combined experience within the insurance sector. We specialise in finding the ideal plan and provider for your needs and budget.
As a family-run, independent company, we know that your family is your priority. In this blog post, we will offer an introductory guide to life insurance. In addition, we will also provide some life insurance advice from our specialist team.
What to consider before taking out a policy
Life insurance is vital for anyone with a family that relies on their income to pay for their lifestyle and essential bills. If you think your partner, children or other relatives would suffer financially if the worst were to happen to you, a life insurance plan would provide you and your loved ones with invaluable reassurance that their needs would be taken care of if you were to die or fall critically ill.
Once you have decided to take out a policy, you need to consider how much cover you require to safeguard your family.
The amount you need will depend on yours and your family’s current living expenses and any outstanding liabilities such as your mortgage.
You will also need to decide on the length of the term and the best type of policy for your requirement.
Our life insurance advice services include many free consultations in which we assess these factors to ensure you find the most suitable plan and provider.
What form of policies is best for me?
Level Term and Decreasing Term Insurance
Most life insurance policies will be either level term or decreasing term.
Level term will pay out as a pre-agreed lump sum or as monthly payments if you were to die within the agreed policy term length.
Decreasing term insurance decreases throughout the term length with an outstanding liability. For most, this is their mortgage.
If your family would be able to cover living costs but perhaps unable to pay off your mortgage, this may be your best option. It comes with the bonus of being a budget-friendly choice in most cases.
Family income benefit insurance
Family income benefit insurance can be taken out as a level term or decreasing term plan.
Rather than a lump sum payout, your loved ones will receive a regular monthly payment for the remaining length of the term.
Many choose to make the monthly figure that of their current salary to ensure their family can keep their current lifestyle.
Whole of life insurance
If you don’t want to be confined to a set term, a Whole of Life insurance policy will provide you with lifelong cover provided you keep up with monthly premiums.
Whole of life insurance policies are a common choice for those concerned about inheritance tax planning and funeral costs.
Joint life insurance
Joint life insurance allows you to take out one policy for two people, usually yourself and a spouse or partner.
Although often a cheaper option, we recommend seeking life insurance advice before taking out a joint life policy. You will need to consider the current health of both individuals, term lengths and the amount of cover. Therefore, you may find that two single policies are more suited to your needs.
The range of options available can be daunting. Here at Seven Bridges, we take the stress away, offering you trustworthy life insurance advice. We will then research the marketplace on your behalf to find your ideal solution.
To speak with one of our specialists today, contact us here via our online form.