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Life insurance is a type of insurance policy that can provide protection to your dependents if you pass away. The price of a life insurance policy will differ, depending on several factors including your age, health and lifestyle.
Having life insurance will provide you with peace of mind that any financial commitments you have will be taken care of when you’re not around – including mortgages, childcare costs or funeral expenses.
Why Do I Need Life Insurance?
If the worst should happen and you die, it’s important to make sure something is in place to cover ongoing costs and day-to-day expenses. Life insurance is vital if you have any dependants, such as a partner, child or anyone else who is financially reliant on you.
By paying for life insurance, you will be covered by a lump sum should you die during the term of the policy, giving your family financial security. If you don’t take out life insurance, you could be putting your loved ones at financial risk. That’s why it’s important to confront the issue and take out life cover.
How Does It Work?
In the majority of cases, the most effective form of life insurance is ‘term’ insurance. This type of policy will pay out an agreed amount as a lumpsum or as regular income, if you happened to die within a specific period otherwise known as the ‘term’. You will be able to choose the size of the pay out and the length of the term, so there is complete flexibility with the kind of life insurance deal you prefer to go for.
It’s not an easy decision to choose which life insurance policy to go for, which is why Dan The Mortgage Man is here to make the process simple and stress-free, by helping you to arrive at an amount of money that reflects your individual situation.
What Are the Main Types of Life Insurance Cover?
There are two main types of life insurance cover; level-term insurance and decreasing cover insurance.
Level-term insurance will cover people for a set period of time and will usually offer you a fixed lump sum of money to a dependent, if you were to pass away during that time period. The fixed sum of money could be to e sure your financial commitments, such as childcare costs or day to day spend.
Decreasing Cover Insurance
Decreasing cover insurance is often bought to clear a specified debt that decreases over time. this type of life insurance cover is often taken out to cover mortgage repayment costs.
How Dan The Mortgage Man can help
We’re here to source the ideal life insurance policy on your behalf, researching into a range of providers and sourcing the best possible price for your circumstances. We are here to provide life insurance advice and guidance, and compare a range of quotes to help find you the best deal.
Contact us today
If you’re still unsure which type of cover is right for you or would like some free and impartial life insurance advice, we would encourage you to contact us today so we can help and advise you. Call the team on 07837 820 894 or email Info@DanTheMortgageMan.co.uk.