How much is Life insurance Newcastle?

How much is Life insurance Newcastle? | Seven Bridges Life explains all…

Cost is a key consideration for many of our clients so in this blog post we’ll be explaining the factors that affect the cost of your monthly premiums and the various types of life insurance Newcastle.

What factors influence the cost of life insurance Newcastle?

There’s a whole host of factors that will affect the cost of your monthly premiums, the main one being how much cover you need.

This will of course depend on your requirements and is different for everyone. You will want to take some time to consider how much your loved ones would need to maintain their lifestyle and pay off any outstanding liabilities such as your mortgage.

The other factors that will affect the cost of your life insurance policy are somewhat outside of your control. The key ones to consider are:

  1. Your age.

The age at which you start and end your policy will affect the cost of your monthly premiums. In general, you can expect to pay more the older you are.

  1. Your current health

Insurance providers will assess your health before giving you a final quote. Conditions such as high blood pressure, obesity and diabetes will have a significant impact on the cost of your policy.

  1. Medical history

Minor health conditions are unlikely to have a great effect on your premiums, however if you have suffered from anything serious such as diabetes or cancer, you will expect to pay more.

  1. Smoking status

Smokers are at significantly higher risk than non-smokers so if you smoke or have smoked in the past it will increase the cost of your policy.

What are the different types of life insurance Newcastle?

Level term and decreasing term insurance

Generally speaking, both level term and decreasing term policies are affordable options.

Level term plans offer a potential pay out that remains constant for the duration of the agreed policy term, whereas decreasing term polices provide a pay out that will reduce over the course of the term.

For this reason, decreasing term plans tend to be the cheaper option of the two.

Family income benefit

Rather than being provided with a lump sum, your family will receive a regular income for a pre-agreed period of time or until the end of the policy term.

This type of policy can often be one of the cheaper options however this is not always the case.

Whole of life insurance

Whole of life insurance will offer you peace of mind for a lifetime however this of course comes with higher costs.

Many will choose a whole of life policy for inheritance tax purposes or to cover funeral costs.

Do I really need life insurance?

To answer this question, you should consider your savings, your mortgage and other outstanding debts.

Would your family be able to cope financially if you died? A life insurance will policy will provide them with financial security and an invaluable safety net.

To speak with one of our specialists today, email us at info@sevenbridgeslife.co.uk