Life cover doesn’t have to break the bank. If you’re looking for affordable life insurance, it is possible to find a policy that provides you with the protection you need for as little as £5 per month.
Today we’ll be answering some of the common questions asked by our clients about affordable life insurance.
Although it is true that some cheaper policies are too good to be true, there are affordable life insurance plans out there that can provide you and your family with the assurance that they will be protected financially in the event of your death.
Knowing where and what to search for is the key to finding a policy that provides the assurance you need at a price you can afford. This is where we can help.
Our team of insurance experts have years of experience within the sector, meaning you benefit from our knowledge of the marketplace and connections with trustworthy insurance providers.
There are many factors that will affect how much you pay per month.
Of course, the main one will be how much cover you require which will depend on your requirements. Before taking out a policy you should consider the amount of fund your family would need to pay off outstanding debts such as your mortgage and pay for living expenses.
Other factors that come into play are your age, your current health, your medical history and your smoking status.
If you’re on a budget, comprehensive plans such as whole of life policies are unlikely to be the right option for you as they involve paying monthly premiums for the entirety of your life.
Most people will take out either a level term or decreasing term policy.
Both of these are affordable life insurance options. Level term policies pay out a pre-agreed sum that stay constant for the entire policy term. Decreasing term plans, have a potential pay out that decreases over time, usually alongside a debt such as your mortgage.
Due to the nature of decreasing term plans, they often come with a smaller bill. If you’re confident that your family are able to cover other expenses but would be unable to pay off the mortgage, this could be the right option for you.
Family income benefit is another affordable life insurance option. Your family will receive a monthly income for the remainder of the policy term rather than receive a lump sum.
If you’re looking to cover two people, perhaps yourself and a partner, you may want to consider a joint policy, however it is worth noting that a joint policy is not always the most cost-efficient option and you may be better off taking out two separate policies.
As this blog post demonstrates, there are many variables to consider before taking out a life insurance policy.
Our knowledgeable and qualified team at Seven Bridges assess your current needs, drawing on decades of combined experience finding the best life insurance solutions for individuals and businesses.
We research the marketplace on your behalf to find a policy that provides the cover that will meet your needs.
Get in touch with us today and arrange your free consultation.