Whatever stage of life you’re at, it’s important to understand what kind of life insurance you need, as well as how much. Everyone’s exact situation is different, so it’s important to take on board your own individual circumstances, including any financial commitments and cash reserves you have. With this in mind, we can help you find the best policy to match the stage of life you’re at.
No one's path through life is completely linear. A life insurance policy needs to work for you. Make it a part of your plan and find comfort in knowing it’s there as a safety net to look after your loved ones.
It’s important to understand the differences between the two main types of life insurance;
‘Term’ life insurance policies run for a fixed period of time (known as the ‘term’ of your policy) eg. 10, 15 or 25 years - but only pay out if you were to die during the term of the policy. There’s no lump sum payable at the end of the term.
‘Whole-of-life’ insurance policies pay out regardless of when you die, as long as you keep up with your premium payments.
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If you’re below 40
If you have other people who depend on your income and you don’t already have life insurance in place, it’s important that you consider taking out a policy as soon as you can.
When you’re looking to purchase low-cost life insurance, it’s important to understand that the younger you are, the less expensive it generally will be.
If you’re between 40 & 60
As you’re now getting older, the likelihood of a medical condition developing starts to rise and if a serious medical condition were to occur, so would the costs of taking out a policy or even the possibility of being ineligible for cover at all. Living a healthy lifestyle, however, can massively help cut down costs and (as ever) the sooner you decide to purchase, the better.
You might even want to start considering a ‘whole-of-life’ policy, but knowing the pros and cons of both to make an informed choice is absolutely crucial.
If you’re above 60
Now may be the best time to consider a ‘whole-of-life’ policy, also known as a life assurance policy by many insurers.
We all know life insurance is crucial if you have family members who are financially dependent on you, however as you get older, your loved ones may have become more independent and no longer reliant on your income. You may have now cleared your mortgage and your children may have since left the home to start their own families.
One of the main benefits of whole-of-life insurance is that it can help your family deal with any bills associated with inheritance tax. It also may appeal to you if you’re determined to leave some form of inheritance to your loved ones, or if you want to help with your funeral costs.
Speak To Us
Many people who have a life insurance policy in place tend not to review it very often, however, it’s important to understand if the policy still meets your needs - that’s where we can help.
Whatever stage of life you’re at, speak to the team at Cavendish today to get the best life insurance policy for you. Get an online life insurance or life assurance quote today, or call us now...
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Our team of expert protection consultants are here to help. Call for a quick quote and more information now:
01392 241 850(Monday to Friday, 10am to 6.30pm)
