How do I find affordable Life Cover?
Cost is a common barrier for many people who are considering Life Insurance. But Life Insurance does not have to be expensive. There are plenty of options available for affordable life cover that will provide you and your family with invaluable reassurance that they are protected financially.
In today’s blog post we will dive into a few of the common questions we receive from clients looking for affordable life cover.
The first thing many people ask, is do I really need Life Insurance?
The short answer is it depends.
Life Insurance is not essential for everyone however we recommend people of all ages consider taking out a policy. Do you have dependants (children, a partner or other family members) who rely on your income or salary? we suggest exploring the options available for affordable life cover.
Before deciding on whether Life Insurance is right for you, ask yourself this simple question:
If you were to pass away would your loved ones have the means to pay off your Mortgage, cover monthly living expenses and maintain their current lifestyle?
Does affordable life cover provide the protection I need?
It is true that there are many other options of Life Insurance policies. It is perfectly feasible to find an affordable Life Insurance plan. We have plans for less than £5 per month that will provide you and your family with cover. However, these may not be suitable to your needs.
Our knowledge and experience of the Life Insurance industry allows us to find you the policy that meets your needs. Above all, We can find these at a price you can afford.
Seven bridges compare products from a sufficiently large range of insurance providers. Cover, price, quality of service and other relevant features are what we look for. We want to select the appropriate policy for you providing the maximum amount of cover at the best possible price.
Unfortunately, there is not a cut and dry answer to this question due to the number of variables that come into play, however there are types of insurance that generally come with a lower price tag than others.
Level Term and Decreasing Term are both affordable life cover options.
With a pre-agreed lump sum being paid out to your loved ones if you were to pass away, Level Term plans are very simple. These also deliver the ability to pay off your interest only Mortgage.
Decreasing Term plans, as the name suggests, have a potential pay out that decrease over the policy term. These are usually in parallel with a liability such as a Mortgage. For this reason, they are often a cost-effective option. They can be a perfect for those whose main concern is their family’s ability to pay off their Mortgage liability.
Rather than pay out as a lump sum, this form of insurance will provide your family with a monthly income for the remainder of the policy. This means the value of the potential pay- out will decrease over the course of the policy terms. Policies of this type are often, but not always, a more affordable life cover option.
If you are insuring two people, such as yourself and a partner, a joint life cover policy come at a lower cost than two separate policies.
However, we recommend comparing several options to make sure. In some cases, a joint life policy can be more expensive. For example, if one of the policy holders is in significantly poorer health than the other, this may drive up the overall cost of the policy.
CONTACT US TODAY or call 0191 491 4119 to speak with one of our specialists about finding you the best possible solution for your needs.