Life insurance is a way of providing for your loved ones financially in case you were to suddenly die. A life insurance policy can be taken for a predetermined period and if you were to die during that period, then your partner or your children will get the amount for which your life is insured and this is a lump sum that is tax free. This means your loved ones are provided for in some way financially and you feel a sense of satisfaction that in case you were to suddenly die, you would have left them with some kind of financial protection.
Life insurance is a must if you have people who depend on the income you bring home. The amount that is paid to the family in case you die will tide them over for a while so they can then plan on how to cope financially. Even if your partner were to think of going to work, it helps to have some time to organise things, to find a job, to look for ways to take care of the children and their needs and to think rationally and come to terms with the tragedy. Sudden death, especially of the breadwinner in the family, can be a terrible shock emotionally to the family. They do not need to be stressed at this time with financial problems too. This is why life insurance is a good thing to have when the family is dependent on you.
There are many kinds of life insurance policies and we can help you choose the one that you feel is right for you. You can buy one for five years or you can buy one for forty years. Most people will buy one to cover the time till their children can stand on their own feet but some will want to know that their partner is provided for if they were to die so they will take a policy which has a longer term.
The age at which you first get a life insurance policy determines the amount you pay. Your age, your health, your habits and your gender will be taken into account when calculating the cost of the policy. You could use our online calculator to approximately calculate the cost. You have the choice of having a single policy or you could have a joint policy which is more expensive but it means protecting each other in case one dies. Both partners are then covered with the surviving one getting the whole amount. However, after the death of the surviving partner, there will be no money that is paid out. To get around this, many couples take individual policies so that when the surviving one dies, someone in the family gets the insurance amount. Whatever your situation, in case you have dependents, life insurance should be very much on your radar, especially if you are the only or the main earning member in the family.
Let us help you further. If you get a quote from us a trained and independent adviser will contact you and help you make the right decision for you. And it's all completely free!