Life Insurance
Life insurance is a cost effective insurance that offers your family or mortgage a certain amount of protection in the sad case that you may die prematurely. The idea is that is gives peace of mind at a time when finances may be adversely affected. A lump sum is paid if death occurs during the term of the insurance, as long as all payments and other criteria have been met.
Life insurance can often cover you up to your 90th birthday and can be for amounts of many hundreds of thousands, even millions depending on the premium you wish to pay out.
Life insurance can be a single or a joint policy. The joint policy would normally cover both you and your significant other, and then the policy would pay out when the first of you dies. However these policies normally only pay out once so upon the first death the policy cease to cover a second death.
The alternative is to take out two individual policies.
The price of a policy is worked out based on age, gender and other factors like if you smoke or have certain illnesses. Each policy is different and will require different conditions so be careful to be sure you understand what you are purchasing.
We are experts when it comes to life insurance and we are here to help you side step some of the pitfalls. Get in touch and we will happily help you with advice on life insurance matters.
