Life Insurance Newcastle…Why choose us?
Seven Bridges provides professional, trustworthy Life Insurance Newcastle advice for individuals looking to find the best policy for them and their family.
Operating throughout the North East, we are a family-run business and therefore know your loved ones are your number one priority, which is why we seek to gain a comprehensive understanding of your needs and priorities.
Our team of protection experts offer you leading Life Insurance advice to ensure your plan is in line with your requirements and budget.
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Following a free consultation and review of any existing policies, we research the marketplace to find the most suitable plan for you that will provide peace of mind and protection to you and your loved ones.
With the number of options available, deciding on the right policy without life insurance advice can be a daunting task.
Here we’ll take you through the basics, including key questions to ask yourself and the five main categories of insurance policies to choose from.
Questions to ask yourself
- Do my family rely on my income?
- How would my passing affect their financial security?
- Would it be feasible for them to continue living in our house?
- Would there be any childcare implications in the event that I died?
These questions are a good starting point when assessing your needs and requirements for a Life Insurance plan.
Types of Life Insurance policies
There are five main types of life insurance. These are:
- Level Term Insurance
- Decreasing Term Insurance
- Increasing Term Insurance
- Family Income Benefit
- Whole of life insurance
Level Term Insurance
Paid as a lump sum, this is a good choice of cover for those on a budget and received by your family if you die or are diagnosed with a terminal illness.
The lump sum can make up lost income, pay the mortgage or other bills and maintain your family’s lifestyle.
Decreasing Term insurance
This policy is also paid in a lump sum but decreases in time alongside your mortgage or loan.
It can be used by your loved ones to pay off your mortgage if the worst were to happen to you.
Increasing Term insurance
This policy is also paid in a lump sum but increases in time alongside inflation.
It can make up lost income, pay bills and maintain lifestyle for the long-term, as it increases in line with living costs.
Family Income Benefit
Family income benefit pays your loved ones with a steady income, by paying a monthly benefit instead of a lump sum, either as a decreasing term or level insurance policy.
Whole of Life Insurance
As the name suggests, whole of life policies pay out irrespective of when you pass away.
These policies involve some of your monthly premiums being invested by your insurance company into life funds and as the name suggests, pay out regardless of when you pass away.