It is a common misconception that Life Insurance is always expensive. Life Insurance policies with reasonable protection can be found for as little as £5 per month. These provide invaluable reassurance for you and your family.
In today’s blog post, we will answer a few frequently asked questions regarding affordable Life Insurance. Subsequently, explaining the difference between some of the most common options.
There are many Life Insurance policies out there however our specialists carry out a fair analysis of the market to identify a suitable product that will ensure your family’s financial security.
This means that we compare products from a large range of providers in terms of cover, price, quality of service and other relevant features. We assess your current circumstances, needs, requirements and overall financial goals to match you to the appropriate policy that covers all the necessary bases at a premium affordable to you.
There is a huge amount of choice when it comes to Life Insurance. Some choose policies such as Whole of Life Insurance which provide comprehensive cover for the whole of the policy holder’s life. However, this comes with a substantial premium and often is not necessary for many people. For those who need affordable Life Insurance, there are many options available. Here are just a few.
Paid out as lump sum if you die or fall critically ill during the policy term, a Level Term policy is a simple and often affordable Life Insurance plan for most people.
If your main concern is your repayment Mortgage or another outstanding liability, Decreasing Term polices provide a potential pay out that decreases alongside a debt, allowing your loved ones to pay this off without question if you were to pass away.
Family Income Benefit is a common alternative to lump sum plans. They are available as either a Level Term or a Decreasing Term policy and pay out in monthly instalments for the remainder of the policy term or up to the pre-agreed pay out sum.
You may be considering insuring two people: perhaps yourself and your partner or spouse. If this is the case, a joint life cover might be the most affordable option for you.
Joint life cover insures both people under one policy, so it will either pay out after the first or second death. This will affect both the term length and the cost of monthly premiums.
You will also need to consider the health of both policy holders. If one of you are in significantly poorer health than the other this will affect the cost of monthly premiums and in some cases, it may be more affordable to take out two individual policies.