What is life insurance?
A life insurance plan helps protect your loved ones financially if the worst were to happen or you get ill. Your family will get a cash lump sum they can use to cover costs such as funeral expenses, debts or household bills.
If you have a partner, children or any other dependents that rely on your income, then life insurance is for you. Most people will choose to take out life cover at key life moments including having a baby or getting married.
If you’re a homeowner or in the process of buying a home, it’s also a good idea to think about life insurance to cover your mortgage. This means that if you die before you’ve paid off your mortgage, then your family don’t need to worry about the monthly repayments.
WHAT TYPES OF COVER ARE THERE?
Pays out a cash lump sum to your family if you die. You can either take out term life insurance which covers you for a fixed amount of time (like the length of your mortgage) or whole of life insurance that gives you lifelong cover with a guaranteed payout on death.
SERIOUS ILLNESS COVER
Serious Illness Cover ensures you and your loved ones are protected if you fall seriously ill, paying out a lump sum which can be used to cover expenses and monthly outgoings while you take the time you need to recover.
MORTGAGE PROTECTION COVER
pay your mortgage if you get ill or die before your mortgage is paid off.
INCOME PROTECTION COVER
Pays you a monthly income if you get sick or injured and cannot work.