What is more important to you: your home, your car, your mobile phone or your family’s future? Most people will choose their family. We do not think twice about insuring our cars, homes and mobile phones, but most people do not insure their family. Why? The main objection is because of the price. You would be surprised at how cheap it can be to take out Life Insurance and provide your family with that security!
This is one of the most important insurances available. It will give you the peace of mind that if you are no longer here, your family will still be able to support themselves financially. It could be taken out to repay the mortgage so that your family do not have to worry about the monthly payments, or it may be taken out to provide your family with money for the future. These benefits are invaluable through some of the most difficult times.
There are 2 types of life insurance available:
- Decreasing term insurance – this will provide a lump sum payment, if you were to die. The pay-out on this type of policy will reduce year on year, at a predetermined rate. This type of product is particularly useful for someone with a capital and interest repayment mortgage, which reduces each year.
- Level term insurance – this type of policy will also provide a lump sum payment, if you were to die. The lump sum on this type of policy will be a set amount and will not reduce throughout the term of the policy. This type of policy is useful if you wanted to leave your loved ones a lump sum, or to pay towards an inheritance tax bill.
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