Do I Need Life Insurance
If you can answer yes to any of these questions, you do!
Do you have a mortgage or loan?
Are you married or in a relationship?
Do you have a family and/or young children?
Do you have business partners?
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Should the unthinkable happen what would be the financial consequences for your spouse, partner or children? the emotional stress that losing a loved one brings, it,s fair to assume that most of us would want to make financial provisions for the loss of the breadwinner or loss of a household income, or the same can be said to protect a business partnership, how will the company operate with the loss of a key person.
Surprisingly, for just a few pounds a month, certainly less than most of us spend on going out for a couple of pints once a month say, you could have the peace of mind to ensure that your family will be protected!
We offer life insurance products from a large panel of UK insurers, we act for you the customer, not the provider, our products include, term assurance, whole of life plans, mortgage protection, accident/sickness and unemployment plans (ASU), Income protection.
Life insurance can be as cheap as £5 per month for £100k cover, (a full review of your personal and medical details will be required to complete an application).
Find out what life may have in store for you, try our Risk Reality Calculator, you will be very surprised!
Do I Need Life Insurance If I Am Single?
Life insurance is not just for people who get married and have children: there are good reasons to take out cover even if you’re single.
Having a life policy in place in case you die can help your family deal with your debts — such as mortgages and credit cards — if the worst happens to you.
Life cover is most commonly taken out to cover mortgage debts: typically a policy will be set up to pay out a lump sum, equivalent to the home loan, on the event of the policyholder’s death.
If you live with a partner or have children, the cover may be extended to provide an income that your dependants can use to pay for living expenses.
For single people, this extra protection is unlikely to be necessary: but taking out insurance that covers the mortgage can be a good idea.
If an individual dies before their mortgage is paid off, their bank or building society can seek repayment of the loan from their late customer’s estate — this is their collected assets.
This may require the property to be sold to pay off the mortgage. But if the home is in negative equity — where the property is worth less than the outstanding loan balance — the lender has the right to demand that the difference is also made up from the estate.
(If there is not enough money in the estate to repay the mortgage, the lender can demand that the property is sold. But it can not pursue surviving family members to make up any shortfall.)
To make matters worse, if the probate process — during which the individual’s estate is dealt with — is drawn out, the lender can continue to add interest charges, increasing the total bill.
A life insurance policy will ensure these problems do not arise.
Life insurance likely to be less important to you if you don’t have a mortgage.
However, debts such as unsecured loans and credit cards are treated in the same way as the mortgage, in that they must be paid off out of the deceased person’s estate. If you have borrowed a lot of money on this basis, you may consider taking out a life policy to ensure they can be repaid
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