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Life Insurance

Life+InsuranceIf You Don’t Have:

Mortgage Life Insurance & you die…

Could your family continue to pay the mortgage?
Would your family home be repossessed?
Term Life Insurance & you die…

Could your family survive without your income?
Would your debts be cleared?
Would your family’s lifestyle be compromised?
61% of families do not have a life assurance policy in place.

If you want to provide for your family when you die then Life Assurance is a must. You can’t rely on the government to take care of your family.

There are generally three main types of policy

1) Mortgage Life Insurance (sometimes called decreasing life insurance) is designed to clear the outstanding liability of your mortgage, the amount off cover decreasing over the term of the policy in line with your mortgage.

2) Term Life Insurance (or Level Life Insurance) does not decrease over the term of the policy and is generally used to clear outstanding debt, help the family cope financially and or replace lost income.

3) Whole of Life Insurance is similar to a Term or Level Life policy but has no specific length for the policy to run. As the name suggests this policy runs until the day you pass away and is guaranteed to pay out when you do. For this reason a whole of life policy is the most expensive to take out and is generally used for estate planning or to cover burial costs.

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