Life insurance is designed to give you peace of mind that your loved ones will not suffer financial hardship if you were to pass away.
These policies pay out a lump sum to your beneficiaries in the event of death, which (for example) could be used to repay the mortgage balance entirely, removing what is likely to be the most significant debt you’ll ever have.
What Do I Need To Protect?
Protecting the main income earner is important, but if you have children that are financially dependent on you, it’s also important to ensure the main caregiver is protected too, especially if the main income earner is not able to perform the same role or receive the same level of income in the event of the death of the main caregiver.
Also, while many employees receive a DIS (Death in Service) benefit from their employees, this is designed to replace an income for 3-4 years, rather than to repay things like mortgages.
There are several different types of life policy that you can implement, and our advisers are on hand to ensure that you obtain the best possible cover to meets your needs and requirements.
These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.