If you've been using the internet or social media today, there's a strong possibility you've seen an advert for life insurance. While companies keep telling us to buy a policy before it's too late, what exactly are the benefits of owning life insurance cover? In that case, let's take a look at the key benefits of life insurance cover and the types of policies available...

Provides peace of mind for your loved ones

It's never nice to think about, but death can happen to anyone at any stage. Of course, if you're young, you have much less to worry about, but having a family is sure to change your perspective. 

Nobody wants to leave their loved ones stressing about future finances when they pass away. That's why life insurance is a great way to ease any worries they have, providing financial protection for your family.

With a standard life insurance policy, once you die, a cash lump sum is paid out to your loved ones. They can use this money towards future payments, ensuring your children are looked after. Even if you don't have children, the money can ensure your partner or spouse is financially stable in your absence.

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Can ensure permanent protection

Depending on the type of life insurance you opt for, you can get permanent cover - such as whole life insurance. Although it is one of the most expensive types of life insurance, whole life cover protects you for the rest of your life. This means the policy pays out regardless of how far into the policy you are when you die.

Another type of policy is term life insurance. This type of cover has a set policy term, for example, 20 years. The policy only pays out providing that you die within this timeframe. If not, the policy expires and you won't receive any money for the premiums paid. 

Term life policies are typically cheaper than whole life policies, however a pay out is not guaranteed. If you’re unsure about which of these policies are right for you, why not check out this article - Whole and term life insurance: Which is better?

Products and services from the leading financial brands

  • Zurich
  • Legal And General
  • Aviva
  • AIG
  • Beagle Street
  • LVE
  • Royal London
  • Vitality Life
  • Virgin Money
  • Budget Insurance
  • Scottish Widows

Protects your family's financial future

The beauty of a life insurance payout is that it can be used to help your family in countless ways. It can also be used to leave a legacy to your children, such as helping them buy their first home.

You can also buy life insurance to cover your home's mortgage if you die before it has been repaid. There are two main types of policies used to cover a mortgage are level term life insurance and decreasing term life insurance.

Regardless of the type of policy you choose, the payout of a life insurance policy can potentially help your loved ones with:

Compensates for a lack of savings

Saving money is no easy feat. No matter how much you save, there's always a broken boiler, car breakdown, and other extra costs that can quickly eat into your savings. If your family don't have savings, the death benefit from your policy can provide the necessary funds to support your family. 

Depending on the financial situation, your family can use this money to buy a new car or make improvements to their home.

Helping you find the right policy

Hopefully you're now aware of some of the benefits of life insurance as well as some of the different policy types. If you think you're ready to buy cover, simply apply online for a quote using our easy to use form. If you're still unsure about how much cover you need or the type of policy you should buy, speak to an adviser

Our expert team is on hand to provide all the support you need, helping you buy the right policy for the right price. Call for a quote today on:

01392 241 850

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