With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.

Julie Carter

Top Tips for Selecting the Right Life Insurance Policy

September 12, 2016

Whether you have dependents or not – this includes school age children, a partner who relies solely on your earnings or if you have a family home of your own to pay for – taking out a life insurance policy can provide ultimate peace of mind, whatever the future may bring. Each life insurance product is designed and developed to provide for those closest to you upon your death, and some even cover the funeral costs, but with so many products to choose from selecting the right one for you can be daunting.

Our life insurance specialists in Buxton make choosing a policy that suits your specific circumstances even easier with expert advice and market insights available every step of the way. Read on to discover our top tips for picking personalised cover.

Know the pros and cons of policies

There are certain policy types when choosing life insurance that you need to be aware of, each of which have their advantages and disadvantages. There are now four types of life insurance, after the pension term option ceased in 2007.

An introduction to insurance types

Level term life insurance is the simplest and most affordable policy to uphold. This type of insurance is great for those with dependents and with an interest only mortgage as it runs for a pre-arranged period and pay outs a set sum upon your death. Decreasing term insurance is similar and is again very affordable, however this only tends to cover the balance of your mortgage.

A family income benefit policy pays out regular income rather than a cash lump sum, whilst whole-of-life policies pay out only if you keep up with your monthly payments, these tend to be more expensive.

Taking out life insurance to benefit your Buxton based family couldn’t be easier, get in touch with us and discover a policy with confidence and clarity.

*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*