Are you are in need of Family Protection cover? Seven Bridges can locate the plan and provider that suits your needs and budget. Get in touch or read on to learn about choosing the right plan for you and how we can help.
Family Protection cover is a life insurance which gives a financial buffer. For example, It can cover your family members in the event that you die. It could also provide cover if you are diagnosed with a terminal illness.
We recommend that anyone whose family relies on their income should seriously consider taking out Family Protection.
It provides you and your family with peace of mind. If you were to die or fall ill, they could continue to live comfortably. In addition, they could pay any outstanding liabilities and minimise any financial strain.
There is a wide array of options out there for Life Insurance plans which can be categorised into four main types: Level Term, Decreasing Term, Family Income Benefit and Whole of Life Insurance.
Which you decide on will depend on several factors, including your age and current health, the length of term and amount of coverage you need.
Level Term Insurance is a great option for those looking for cost effective life cover. If you pass away during the policy’s fixed term, your family will be entitled to a lump sum which can be used to pay off any outstanding liabilities and allow them to maintain their lifestyle. This is also available for anyone with an interest only Mortgage.
Decreasing Term Insurance decreases over time with your repayment Mortgage. Like Level Term insurance, your family will be provided with a lump cash sum.
Family Income Benefit insurance can either be taken out as a level term or decreasing term plan, however, if claimed, your family will receive monthly payments rather than a lump sum.
The three previous types of Life Insurance pay out only in the event that you die during the policy’s fixed term. Whole of Life Insurance, as the name suggests, will pay out no matter when you die. This increased level of protection does come with a higher monthly premium, however it is well worth considering even if you are looking for comprehensive life cover, as it is possible to find Whole of Life policies that fit smaller budgets.
For further information or if you require any further assistance contact Seven Bridges Life here