Are you in need of life insurance advice? Today we’re be offering life insurance advice to help you choose the best policy for your needs. For more comprehensive life insurance advice tailored to your individual circumstances, call us or email info@sevenbridgeslife.co.uk.

A summary of today’s article…

  • What is life insurance?
  • What are the different types of policies?
  • How much does life insurance cost?

What is life insurance?

Paid as monthly premiums, life insurance provides protection for you and your family if you were to die during the policy term.

For people who are the main earner in their household, life insurance can offer invaluable peace of mind. A life insurance policy will provide your family or other dependants with a pre agreed pay out that can be used to maintain their lifestyle, pay bills and pay off any outstanding debts.

What are the different types of life insurance policy?

There are many options available when it comes to life insurance, so if you want to fully understand all of the possible avenues available, you may need to seek professional life insurance advice.

Here, we’ll break down a few of the most popular types of life insurance.

Level term and decreasing term policies

These two forms of life insurance are very common and are generally the most simple and affordable options on the market.

Level term plans provide a potential pay-out agreed upon when you take out the policy. Your family will receive the sum if you were to die during the policy term and remains fixed for the length of the policy.

Decreasing term plans differ in that the potential pay-out will reduce over time, usually alongside a liability such as a mortgage.

Family income benefit

Rather than receive a lump sum, which may be hard to manage, you can instead take out a policy that provides a regular income to your loved ones.

This can help them pay monthly bills, mortgage repayments and living costs.

Critical illness cover

Similar to life cover, also covering terminal illnesses. Critical illness cover will pay out if you are diagnosed with an illness such as cancer, a heart attack or a stroke, removing any financial stress and allowing you to focus your efforts on your recovery.

Whole of life cover

Whole of life insurance will pay out no matter when you die and can be useful for inheritance tax reasons.

If you’re unsure which policy type is right for you, we recommend seeking life insurance advice from an expert who can guide you through the options and can find the best solution for your needs.

Seven Bridges provide industry-leading life insurance advice so if you’re looking to learn more about protection planning, get in touch today.

How much does life insurance cost?

Life insurance policies can be found for as little as £5, however the cost of your monthly premiums will depend on many variables, with the key influence being the amount of cover you need.

Other factors that come into play include your age, current state of health, your medical record and of course, the length of the term.

To give you an example, A 35-year-old man with no history of smoking and £200,000 of cover to the age of 65 would pay a monthly premium of around £8.70.

For life insurance advice tailored to you, call us on 0191 491 4119 or email info@sevenbridgeslife.co.uk!