What is Life Insurance?
Life Insurance (often described as Life Assurance) is a policy provided by an insurance company that pays your family either a lump sum or a series of smaller sums in the event of your death. Policies vary widely; some may guarantee a payout, others expire after a certain period of time. Some have premiums and payouts set in stone, while others offer more flexibility.
When you buy a life insurance policy you are providing financial security to your family and loved ones so that upon your death they will be able to meet financial responsibilities previously covered by your income.
A life insurance policy will see you make a monthly payment to the life insurance company – this amount you pay will cover a pre-determined payout, upon death, that you will have agreed with your provider.
There are 2 main variations of life insurance products
Decreasing Term Life Insurance and
Level Term Life Insurance.
Many policy holders of life insurance say the main reason for having life cover is peace of mind that their family will be financially secure should something happen.
With many families having one parent that stays at home to care for the children the loss of the main income provider to the family can be a devastating blow. With some life insurance policies starting at only a few £’s per month it really isn’t a risk worth taking.
If you would like to speak to know about your options please complete your details on the quick application form above.