The 'no more than you need to know guide' to Life Insurance

First of all, do you really need Life Insurance?

If you live alone, have no dependants, don’t have a mortgage or any other debts, then you most definitely don’t need Life Insurance. (Unless you want to leave an inheritance when you die.)

People who are retired, have a good pension and have paid off their mortgage are also highly unlikely to require Life Insurance.

If on the other hand, you live with someone, have a family (or are planning one), a mortgage or any other debts, and assuming you don’t have a million or two in the bank, then Life Insurance should be one of your ‘priority’ insurances. Why? Simply because others around you might have an awful lot to lose financially if you were to die prematurely.

Everyone shares the same concerns….

Although Life Insurance may be a suitable insurance for you, it’s not a universally popular subject to think about or discuss. In fact contemplating why you might need Life Insurance is about as pleasant a thought as spending thirty minutes with the dentist once a week for a year. After all, who actually enjoys facing up to the possibility that life does on occasions take a significant turn for the worse? No matter who you are, or what your circumstances may be, sooner or later even the best laid plans can go wrong. Which is why so many people eventually come to terms with the fact, that on balance, it’s preferable to have Life Insurance than not to have it.

What Life Insurance can do for you

In blunt terms, Life Insurance is all about helping your family avoid a potential financial crisis that your untimely death may cause. So if you were to die prematurely, or you became very ill, and you had a life insurance policy, your spouse and children are less likely to be faced with big financial problems. The lump sum, tax-free pay out from your life insurance policy could be used to pay off your mortgage and any other debts and can help meet on-going household expenses. Money from a life insurance policy can also help pay childcare and education expenses. That’s what Life Insurance is all about. If you have it there’s less financial pressure on your family; without it, there’s likely to be a lot more.

Worried about having nothing to show for your money?

Before going any further, there are insurances that can pay out even if you don’t die! (See pages XX and XX for further details). But the cheapest option in terms of the premium is usually a policy that is designed to pay out on your (or someone else’s) death and under no other circumstances (See pages XX). It’s most definitely true that Life Insurance is not ‘money in the bank’, but the real question is this: how can you value the peace of mind that life insurance provides? Or put another way, how would you feel knowing that your family would be partially or even completely protected from one of life’s most unpleasant financial dilemmas?

Do you think that Life Insurance is expensive or difficult to arrange?

On either count, you couldn’t be more wrong. First of all, premiums are lower than ever before because there’s more competition than ever before. And secondly, by using a specialist broker like ourselves, we can obtain a range of quotations for you in minutes. We can also advise you on the right policy and get it up and running for you in no time at all.

Clothes, shoes, buses, trains and life Insurance policies…

When you’re shopping for trousers or shoes, do you take pot luck and pick up the first pair you see? No of course you don’t - you look for the size that fits you best. And when it comes to catching a train or a bus, do you get on the first one that comes along? Unless you’re possessed with a highly developed sense of adventure, you’re much more likely to hop on the one that’s going your way. So would you be surprised to know that exactly the same considerations apply to life insurance? In other words, one size does not fit all – there are many different kinds of life insurance policies to choose from. And each policy offers something different. Some pay out cash if you die before a certain age, some pay out cash if you live to a certain age. There are policies that run for all your life and some that don’t. But don’t let that put you off – we’ll do the looking for you. We’ll find the policy that meets your goals and circumstances and ultimately provides the kind of financial benefits that suit you best.