LIFE INSURANCE

Protect those you love

LIFE INSURANCE

Protect those you love

What is Life Insurance?

Life insurance is a type of policy that pays out a sum of cash in the event of the policyholder’s death. While it’s not a nice thing to think about, it’s an important consideration for people with dependants. They are the ones to whom payment if there’s a claim on the policy.

Who Needs Life Insurance??

Not everybody needs to have a policy. A single person who has no children, for instance, would have little use for such a policy. It’s designed for people with a family to ensure that their loved ones are looked in case something should happen to them. As well as providing a lump sum of cash that can help pay for ongoing expenses, life insurance can also help pay for things like the policyholder’s debts and funeral. One way to figure out if you need life insurance is to calculate how your family would manage if they lost your income. If they would struggle, then it’s probably required.

Who Is Eligible?

In general, anyone who’s over the age of eighteen and lives in the UK can apply, though different lenders have different rules. In most cases, however, policies are taken out by older people who have a family to support.

What Does it Cover?

It’s important to keep in mind that this insurance only covers one thing: the death of the policyholder. If a person has to give up work due to illness or injury, then there’ll be no payout from the policy. In some cases, insurers will pay out on terminal illnesses. There are instances when an insurer may not pay out, however, even in the event of death. For example, if alcohol plays a role in the death. For certain extreme sports and dangerous activities, a premium must be paid if the policyholder wants them to be covered too.

What Are The Different Types of Life Insurance?

There are multiple types of policy that a person can take out. There’s whole-of-life cover, which, as the name suggests, covers payouts no matter when death occurs. There’s also term insurance, which applies to a fixed period, say, twenty-five years. This is an option for people who want to make sure that their loved ones can pay off the mortgage in the event of their death. Finally, there’s mortgage life insurance, which is also tied to paying off the family home. With this, the amount that would be paid out drops year on year, in line with the reduced amount of money owed on the property – it’s a way to prevent being over-insured in the future.

What Affects the Cost?

The cost of a life insurance policy depends on various factors, including your age, your lifestyle (such as alcohol intake and so on), and whether you have any pre-existing medical conditions. In many cases, people over the age of fifty need to first complete a medical exam before they can be insured.

Here at Active Mortgage, we specialise in all types of Insurance Policies for Company Directors and the Self Employed. Get in contact today for more information.

These articles are for information only and no advice should be conferred from the content within. Please seek independent financial advice prior to taking any action.

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