20Jul2020

Best Life Insurance Policy for your Loved Ones

Looking out for your family and taking care of those that you love is what matters most. Did you know that you can custom-tailor the best life insurance policy for families? Your family is valuable, and it follows that your family life insurance should reflect exactly how you feel about those you care for most.  

Let’s talk about why getting an online life insurance quote is incredibly easy. Using our online life insurance quote form will help you to sort out all your family finance problems in the unfortunate event of your passing away.  

It has never been easier to get online life insurance advice

In fact, using our online life insurance quote form will ensure you receive only the best advice about life insurance. Through us you get access to multiple respected life insurance companies, ensuring your life insurance quote is bespoke for you and your family.  

We have said it before, and we will repeat it here, the financial strain on a family when one income provider dies is devastating. Signing up for a life insurance policy today will ease some the burden of paying the mortgage, outstanding loans or HP agreements, household bills and general living allowances. All the necessary financial commitments that a life insurance policy can deal with in one sweep. There will be other aspects to take into consideration such as savings, college funds, helping children with starting up a business or buying their first home. The financial safety net of a life insurance policy will help immensely.

Our team of friendly expert life insurance consultants can talk you through the intricacies of life insurance policies. We have advice on all the different types on offer, the budget required, and the all-important small print that worries many policyholders. For example, if you are a smoker, if you have pre-existing medical issues or, the hot topic, how COVID-19 is affecting new policies. All of this advice and more is available when you complete our online life insurance enquiry form.

Of course, the peace of mind that comes with a life insurance policy is worth those monthly premiums. You have the certainty of knowing that your designated beneficiaries, usually your partner and your children, can cope in a time of grief and a future full of financial uncertainty.

Different types of life insurance cover

We have gone over the various types of life insurance in our previous blog here, but as a quick refresher, here are some of the most common:

Term life insurance – probably the most popular and cost-effective. Term life insurance provides coverage for a fixed amount of time, for example, the length of a mortgage. It is essential to take into consideration the expiry date, at which time the life insurance ceases. If the event of no claim made, it is important to re-think the options for the future.

When the mortgage is paid, do I still need life insurance?

The mortgage might not be a factor as it is now paid off, but expensive bills such as funeral costs can worry many people. In this respect, an over 50s life insurance policy might be an attractive option.

What if we both work to pay the bills?

If you and your partner contribute equally to the household finances, or if one partner is a stay at home parent, then a joint insurance policy is an attractive solution, as extra costs such as child care might suddenly be a consideration if one partner dies. 

In the event of a claim, a joint policy ends naturally, and the surviving partner will need to think about a new life insurance policy to protect any dependants.  

Joint policies work well for many couples, as it is a generally cheaper solution than two individual plans.  If the couple split at any time, then the life insurance policy can continue if mutually agreed, or may need re-establishing or the taking over of one by the other. Find out more about joint life insurance here.

Whole of life insurance – does exactly what it says on the tin! The premiums fall due every month for the whole of your life, until you die (or reach maximum age depending on the type of whole of life policy.) The benefit is fixed, and this sum remains a guaranteed payout when you die (subject to terms and conditions).

Pros and cons of a whole of life insurance policy

Monthly premiums for a whole of life option are often more expensive and less attractive as general fixed term life insurance. People with large estates and a looming inheritance tax bill find whole of life insurance attractive. Important factors to take into consideration include ensuring the payout is sufficient in line with inflation, taking into account retirement and checking the small print for any exclusions. We can advise you on a range of whole of life insurance policies, the different types on offer and the benefits of this type of insurance policy.

Planning a life insurance policy

Pen and paper time! Take into account every aspect of income and outgoings, including any saving plans, car loans, debts and of course, the crucial living expenses such as a mortgage, utilities and everyday living costs. People often forget that growing children have expensive embellishments, including shoes, school uniforms, hobbies, gadgets and fundamental necessities! A death of one parent might necessitate a tightening of belts in times of financial difficulties. Still, with sufficient life insurance, a surviving parent can ensure the children never go without.

The team at Life Insurance Cover work with only the best life insurance companies. We take the time to compare all options available, working within your budget and lifestyle, ensuring enhanced customer satisfaction. 

The most essential elements of life insurance are:

  • Invest when you are young and healthy – (premiums are cheaper)
  • Be open and honest in your application – (especially regarding pre-existing conditions, lifestyle and hobbies)
  • Ensure you take out the correct amount of insurance cover

Need more information? Contact our friendly team today via our online life insurance form below:

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