2020 brought us all new challenges that we never could have imagined just a year before, and made us all more acutely aware of our own mortality and how vulnerable we all are.
2021 brings in a new year, and even though nobody knows what the future holds, everyone knows what and who’s important to them; perhaps now more than ever.
If you have children, a partner or other family members that depend on your income to cover their living expenses and the home they live in, you should make your new year's resolution to consider family life insurance to help provide for your loved ones in the event of your death. You can’t rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect.
The 2 main types of life insurance are 'term' life insurance and 'whole-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. This is seen by many as ‘Mortgage Life Insurance’, as it could be used to help your dependants pay off your mortgage in the event of your death. It’s also often sold as a decreasing-term policy so, as you gradually pay off your mortgage, any payout would incrementally reduce over time.
‘Whole-of-life’ insurance policies pay out regardless of when you die, as long as you keep up with your premium payments.
Right For You
At Cavendish, we’re committed to providing our customers with the information they need to make an informed choice about what kind of policy is right for them.
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Whatever this new year shall bring, make sure you have your life insurance sorted.
If you don’t currently have any cover in place or you’re unsure if your cover still meets your needs - the team at Cavendish can help.