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Do I need Life Insurance?


Death is normally a taboo subject, but when you start making financial commitments and/or have children, it’s important that you have something in place should the unexpected happen.

Whilst your family are going through a traumatic experience, the last thing they’ll want to be thinking about is paying the mortgage or being able to afford groceries.

Questions to ask yourself could be:


1. If you are the breadwinner of the family, what would happen if you were no longer around? How would your spouse/children afford to live?


2. If you are a stay at home parent, how would the home function without you, who would look after children, do the school runs, run the home?


3. If you are both equal breadwinners, would either of you be able to manage financially if you were no longer getting two salaries into the home?


These are all things to consider and this is where Life Insurance can play a very important role.


There are two main types of Life Insurance:

Whole Life – which does just what it says and covers you from now until your passing. The amount paid out would remain the same throughout the policy. Premiums for these types of policies are much higher than Term policies.


Term – Pays out a lump sum or a monthly income if you were to die within a set time. If you weren’t to die during this period then the policy stops and you get nothing back. Term policies can be taken as a Level Term (pay-out remains the same throughout) or as a Decreasing Term (pay-out decreases over time, as it is assumed that your mortgage will decrease over the period and the cover you require would be less)


Both of these policies can be taken out as individual or joint cover.


Whilst it’s important to compare premiums, it’s most important to consider the level of cover, whether the premiums are reviewable (not guaranteed to stay the same) and any clauses that may affect any pay-out. All medical conditions will need to be disclosed, even though these could have an effect on the premium you pay, if you are not honest from the start, this could invalidate any claim you have in the future.


Please note the content of this blog is for guidance purposes only and does not constitute for professional advice. Contact us today at or by calling 01473 216950.

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Saturday, 04 July 2020

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