Are you looking for life insurance advice?
Seven Bridges are a North East life insurance advice firm. We offer life insurance guidance and solutions for a range of clients, from individuals to corporate entities.
Today we will be offering some introductory advice for finding the policy that is best for you and your family.
For bespoke, comprehensive life insurance advice, get in touch with a Seven Bridges advisor today to schedule a free initial meeting.
What is life insurance?
Life insurance is paid as monthly premiums. It offers you and your family valuable financial protection if you were to die during the policy term.
If you are the main earner in your household or you have dependants that rely on your income, a life insurance policy will provide peace of mind for you and your loved ones.
Life insurance pays out as either a lump sum. Alternatively this can be delivered as regular payments if you pass away. This allows your family, partner or other relatives to pay off outstanding liabilities and maintain their standard of living.
What kind of policy is right for me?
There are many options for life insurance available to choose from. We recommend exploring all of these before making your final decision.
Seeking life insurance advice from a trained professional will ensure you know and understand all of the available options. It will also leave you safe in the knowledge that your insurance policy suits the needs of you and your family.
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Level term and decreasing term policies
These are two of the most common life insurance policies as they are generally simple and affordable.
Level term plans provide a lump sum pay-out in the event of your death during the policy term. The potential sum your family receive will remain fixed for the length of the policy.
Decreasing term plans on the other hand, offer a pay-out that decreases over the course of the policy. This type of insurance is a good choice for those whose chief concern is paying off their mortgage.
Family income benefit
Pay outs from a policy of this type come in the form of regular payments that provide your family with an income if you were to pass away.
Critical illness cover
Critical illness cover can be taken out as a separate policy or added as an extra to a life insurance policy.
Critical illness cover also covers terminal and other serious illnesses, such as heart attack, stroke and cancer. Your policy will pay out if you are diagnosed with such an illness during the policy term.
Whole of life insurance
This form of insurance will pay out regardless of when you die and is often useful for inheritance tax purposes. We recommend seeking life insurance advice from a professional if you are considering whole of life cover for this reason.
There are many other options available including joint life insurance policies, polices for self-employed and a wide range of corporate life protection for employees and company directors.
If you’re unsure which is right for you, get in touch with the Seven Bridges team today for leading life insurance advice.