If you have dependents, you may be planning to leave them your savings and other possessions. However, if you have life insurance this can provide them with added financial protection at a time when they need it most.
"Losing a loved one is terrible, but having to worry about how you’ll cope financially can make the situation even worse. "
If you’re the main earner and pass away, life insurance can provide for childcare if your partner decides to return to work. Or it can replace your lost income so your partner doesn’t have to work.
The money you leave through your life insurance policy can be used for anything that will help your grieving family, whether that’s continuing to cover their usual day-to-day costs or paying for your funeral. It can help them to keep the standard of living they’re used to at a time when it feels as though life will never be the same again.
Losing a loved one is terrible, but having to worry about how you’ll cope financially can make the situation even worse. With a life insurance pay-out, families don’t have this added difficulty.
"Our life insurance policy will provide you with a lump sum that can be used to pay off your mortgage."
Your mortgage is likely to be your most expensive outgoing every month. If you share it with someone, could they keep paying it in full if you were no longer contributing?
Even if you pay all the mortgage yourself, life insurance is something to think about getting. You probably want your property to be passed on to a loved one – but do they earn enough to take over paying the mortgage?
Our life insurance policy will provide you with a lump sum that can be used to pay off your mortgage. If you have a partner, this means they can remain in the home you shared for as long as they want without worrying about how they’ll afford the mortgage.
And if you’re leaving your property to someone, they’ll also have help clearing the mortgage so if they sell they won’t need to worry about paying back your lender from the money raised by the sale.
What do we offer?
With our life insurance, you can choose between level (where the pay-out is the same for the length of the policy) or decreasing term (where the money you pay in and the money that’s paid out reduces over the length of the term.
If you have a mortgage, decreasing term can be a good option as it tracks the outstanding balance on your mortgage. And if you have dependants, you may choose level term so there’s enough money to go towards the mortgage and other expenses too.
You can add critical illness cover to your policy if you wish. And our policy includes terminal illness cover, so if you’re given 12 months to live while the policy is active, it may provide you with a lump sum quicker. This can be used to help support you and your family.
We also offer the option of joint life insurance. Whether or not you work, this could be a consideration if you have dependants – if you work, the policy could help replace your income, and if you don’t the pay-out could cover the cost of childcare so your partner can continue to work.
Joint life insurance pays out upon the death of the first person.