Life insurance is one of those products that you purchase – but it isn’t actually for you. Life insurance protects and cares for your loved ones after you’ve passed away. The amount of cover you may need will depend on your circumstances.
You family and loved ones could use your life insurance pay-out for:
We liaise with all the leading insurance providers to offer you a wide range of options. Options include increasing, decreasing and level lump sums, monthly benefits, payment protection and many others. If you have a pre-existing medical condition, you can still apply for life insurance and rest assured that your family will be protected.
Life insurance sometimes referred to as life cover or life assurance, is an insurance designed to give you and your family peace of mind. It can help reduce the financial impact of an individuals death.
Life insurance is a contract you take out with a life insurance company. You pay an insurance premium regularly, and the insurer agrees to pay out an agreed sum of money if you die.
No, you don’t need life insurance; however, if your family depend on your income to cover payments like the mortgage or other living expenses, then the answer is yes.
The amount will depend on your current outgoings; you need to ensure any debts would be covered, including mortgages, credit cards, loans etc. Other considerations might be childcare, education costs, household bills and other day-to-day living expenses.
Some financial experts recommended ten times your annual salary, but you might want to cover longer if you have significant outgoings or a larger family.
Despite general belief, you don’t need a life insurance policy if you have a mortgage. However, it is highly recommended. If something happens to you, can your family afford the mortgage? If they can’t, they could be forced to sell the home and move out. Many mortgages lenders will insist on a life insurance policy, so please have this in mind. Friends Capital will advise you on your circumstances.
Decreasing life insurance is a type of life cover that is paid over a fixed period. The amount of pay-out decreases over time; it’s most commonly used to cover the balance of a repayment mortgage. A significant benefit of decreasing term life insurance is that premiums are often lower, as the amount of money your provider needs to cover reduces, so do your repayments.
If you’re in full-time employment, it’s worth checking if you a have a death in service benefit, this is often four times your annual salary – which may not be enough to cover your families expenses. Another option could be a joint life insurance policy; Friends Capital can help with both!
Why choose Friends Capital?
Friends Capital work with all of the UK’s top insurance companies and financial institutions meaning we represent the very best the market has to offer but brought to you with independent and impartial advice.
We will explain the pros and cons of different products and make sure that the solution you end up with will be the right one for you.
Our reputation is our bond. Friends Capital guarantee to deal with everyone with total understanding and empathy of your needs and circumstances. We do not prejudice anyone and work hard to bring you the best possible deal and outcome, regardless of your situation.
Put your trust in Friends Capital and contact us today for all of your financial and protection needs.
Friends Capital is one of the UK’s leading brokers with over 30 years experience of finding the best possible policy to suit your needs at the lowest possible price.
We search the market with all the best providers so that you don’t have to.