Having term life insurance can ensure the financial security of your family stays in place, even if you’re not around.
Ask yourself, would your family be able to continue living the same lifestyle they currently do without your income?
The death of a parent can also result in additional expenses, which can include a need for childcare (A Nanny).
Also, your death may cause financial stress which could become overwhelming. However, if you had a term life insurance policy in place you would have peace of mind knowing your family are financially protected.
Also, with life insurance, you make monthly payments (called “premiums”), and when you die, a lump sum payment is made to your chosen beneficiaries.
The amount paid out will depend on how much life insurance coverage you agreed on when taking out the policy.
Life insurance policies may expire after a certain amount of time (known as the term). If you pass away during the term your loved ones should receive the lump sum.
However, if you don’t pass away within the term of your cover, you will not receive a pay out as your policy has expired.
Hence, why we recommend adding critical illness coverage to your life insurance policy for an additional fee. This will pay out a specific sum if you are diagnosed with a critical illness that is covered by the policy.
Life insurance is indeed a necessity if you and your partner/spouse rely on each other financially.
Ask yourself: if you or your partner passed away, would the surviving person be able to get by without their loved one’s income?
Also, if you have any financial dependents (e.g., children), you should have a policy in place. This is to ensure that your loved ones don’t struggle financially if something happens to you.
Life insurance is a necessity if you and your partner/spouse rely on each other financially.
Ask yourself: if you or your partner passed away, would the surviving person be able to get by without their loved one’s income?
Also, if you have any financial dependents (e.g., children), you should have a policy in place. This is to ensure that your loved ones don’t struggle financially if something happens to you.
Cover starting from as little as 30p a day.