Are you looking for affordable Life Insurance but do not know where to start? In today’s blog post, we will be answering five common FAQs about finding affordable Life Insurance policy on a budget.
Life Insurance does not have to be expensive. In fact, it is perfectly feasible to find a Life Insurance plan for less than £5 per month that will provide an adequate amount of protection for you and your family.
It is true that there are many other options of Life Insurance policies. However, these may not be suitable to your needs. But then again if you know where to look and what you are looking for, together we can find a plan that will provide the correct cover you need within your budget.
For those on a budget, a common choice is Level Term or Decreasing Term plans. A Level Term plan will pay out as a lump sum to your family if you die during the policy term. Decreasing Term plans also pay out as a lump sum; however, the potential pay-out will decrease over time and is usually connected to a debt such as a Mortgage. Due to the nature of Decreasing Term plans, they will often be a more affordable Life Insurance option than Level Term plans. If your family can cover their costs of living but you
are concerned about their ability to pay off your Mortgage liability, then we recommend this as a form of insurance.
Family Income Benefit provides your family with a regular income if you pass away during a policy term. In most cases, this income will last until the end of the policy term.
Family Income Benefit can be a great choice if you are looking for affordable Life Insurance, however it is not always lower in premiums, so we recommend comparing policies of various types before making a decision.
If you are intending to insure two people; yourself and your partner, for example, then a joint policy could help you save on your monthly premiums.
However, joint policies are not always a cost-effective option. For example, if you need different levels of cover or the health of your partner is significantly better or worse than your own, then it may be more appropriate to take out two separate policies that meet your individual needs.
As Life Insurance policies last upwards of 15 years, finding the most affordable option without sacrificing quality is very important to ensure you are not overpaying. Seeking the advice of a specialist will give you the assurance that your policy is right for you. Here at Seven Bridges Life, we have many years of experience within the insurance sector.
We have built a strong network of insurance providers and our detailed knowledge of the marketplace allows us to find the perfect policy for you.
To learn more, call today on 0191 491 4119 or visit us here speak to one of our experts.