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Why you need life insurance

Submitted by Manager on Mon, 19/12/2011 - 16:33

Looking after loved ones is a priority in life. Life insurance helps you continue that support and care after you’re gone.

The surprising thing about life insurance is that it can be very affordable – less than the cost of a good cable TV package! A good independent financial adviser can give you a specific price – peace of mind for you and your loved ones could be more affordable than you realised.

If you’ve worked to build up savings, made investments or taken out loans, it’s essential to be aware of how your loss would affect your dependents’ security. 

Should the worst happen to you or your family’s main breadwinner, life insurance means the financial position you’ve worked for is the one loss your family won’t have to cope with. Well-chosen life insurance could enable them to continue living in the same circumstances they have now, or at least be protected from any financial hardship resulting from your loss.

Long-term financial plans such as investments, children’s education costs and savings can remain intact, and any outstanding mortgage, credit card or other debts are be paid off. Finally, good life insurance also means any funeral costs are covered, too. 

Life insurance can also be adapted to your specific circumstances. For example, a lump sum isn’t the only type of payout available. A more unusual type of payout can secure someone for life by paying them a monthly sum. This is a great option if your spouse or child is going to be financially dependent on you for the duration of their life.

Five life insurance tips:

  1. Remember to adjust your cover to account for life changes such as buying a larger home, having children or getting married
  2. Read the small print of any policy you’re considering
  3. Shop around to compare terms and prices
  4. Quit smoking to reduce the cost
  5. There are various different types of life insurance available – talk to your IFA to determine the best option for you.

 

My IFM can help you select the right life insurance for you and your loved ones. Give us a call on 0845 066 9432.

Call us now on 0845 066 9432 or click here to email us

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We are authorised and regulated by the Financial Services Authority. The Financial Services Authority does not regulate will writing and not all forms of long term care plans. IFM Utility Service is not authorised and regulated by the Financial Services Authority. Your home is at risk if you do not keep up repayments on a mortgage or any other loan secured on it. Think carefully before securing other debts on your home. A fee of up to £670.00 inc VAT may be charged on completion of your mortgage. A fee of 1% of advance or £1,080 inc VAT whichever is the greater may be charged on completion of your lifetime mortgage or home Reversion Plan. The Financial Services Authority does not regulate Buy to Let Mortgages.Terms and conditions apply. Written details on request. Tax relief's and allowances referred to are those currently applying and are liable to change. There value depends upon the individual circumstances of the investor.

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