Why you need life insurance

The term Life Protection covers a range of different products. It can include mortgage protection, life protection, income protection and serious illness cover. Each product has differences in the way they offer protection. The main reason you need any or a combination of them in place is the same. To provide financial protection to your family should the worse happen to you.

In the simplest terms, life protection is a type of financial protection taken out for a particular period of time. If you die during that time a tax free lump sum will be paid to your estate. You can’t be replaced. No amount of money will relieve the upset of an unexpected death. But with proper planning you can alleviate the financial concerns a tragic event like this may bring.

This little video gives a simple explanation as to why you need Life Insurance.

Mortgage Protection

Mortage protection is a type of life protection that is designed to pay a lump sum to help pay your outstanding mortgage balance if you die during the term of your plan. Your cover decreases as the amount left on your mortgage decreases.

Income Protection

Another type of protection policy is income protection. It is designed to protect your income. This will provide an alternative income if you are unable to work due to injury or illness. This can give you financial security and peace of mind while you recover.

Specified Illness

Protection in the form of a lump sum payment should you be diagnosed with one of the illnesses on a specified list.  

It makes sense to have a plan in place to help with the financial impact should something happen to you. Your need for life insurance protection will depend on your age, family circumstances and lifestyle. You may already have mortgage protection to cover the outstanding mortgage on your home. Have a think about the day-to-day bills and outgoings, funeral expenses, education costs and any debts you may have left behind you or are unable to pay if you can’t earn.

If you do not have proper life protection in place, your family could be left with unexpected debts and costs and an uncertain financial future.

There are a range of different life protection products to choose from. It really just depends on your own individual position and that of your family. Each product comes with different options and benefits so it can be tailored to provide the best value and the best cover for your needs. The cost of each product will depend on your age, your health, whether you smoke, chosen term, selected product type and agreed level of cover.

Just get in touch to discuss your financial planning and we’ll help you put a plan in place that will meet your individual needs.