Many home owners and investors are leaving their properties at risk of repossession by not having adequate cover for illness or injury. Life insurance is essential if you have dependents such as school age children or a spouse who has no income of their own.
If you have family living in a house with a mortgage you pay then life insurance could provide for them if you die. Income protection and critical illness cover are also worth looking at if you have household bills or even worse a mortgage to pay.
It doesn’t necessarily cost as much as you think – cover starts from as little as few pence a day which is a small price to pay for the peace of mind of knowing that your loved ones are financially protected.
For example there are two types of life cover;
A term life insurance policy runs for a fixed period of time and only pay out if you die during the period of the policy. The term of the policy could be 5, 10 or 25 years.
A whole-of-life policy will pay out as long as you keep up with your premium payments – there is no fixed policy period.
The type and level of cover needed depends on your personal circumstances. You should consider what your monthly outgoings including your mortgage and other outstanding debts such as personal loans and credit cards. Day to day living expenses like food bills, council tax and childcare costs should also be considered when working out how much cover you need.
It only takes a few minutes to get a quote – take the first step to make sure your family are provided for should the worst happen and contact our financial advisors in Rugby to get the right cover for you, with quotes compared from the whole of the market.