With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.
There is a time in everyone’s life when the need to take out life insurance becomes a serious consideration, after all we’re not going to be around forever and ensuring those closest to you are cared for when you are no longer here is important.
We provide professional advice about life insurance throughout High Peak and actively assist those wishing to take out a policy that is both good value and can provide a high level of financial protection. There are so many life insurance products out there however, and finding the right one for you can be difficult.
Which types of policies are available?
There are generally two types of policies available within the UK – term life insurance and whole-of-life insurance. As the name suggests term life insurance policies run for a fixed amount of time, usually 5, 10 or 25 years, and only pay out upon the death of the policyholder during this specified term. Whole-of-life policies pay out whenever the policyholder passes away as long as premium payments are kept up to date.
What’s covered and what isn’t?
There can be some confusion regarding what is covered by a life insurance policy and what is not. Your policy will cover only your death, and if you are ill or become disabled up to this, no financial provisions will be available to you during this time.
Your chosen policy may have other restrictions, and many do not pay out if your death was the result of lifestyle factors such as drug misuse, alcohol abuse or participation in high risk sports. All serious health issues must be disclosed when you take out a policy and certain life insurance providers may exclude causes of death that are related to this illness.
Who will benefit from taking out a policy?
Whilst every individual can find the financial protection they need by taking out a life insurance policy, those with young children or a mortgage to pay tend to benefit the most from policies of this type. Life insurance policies can also provide essential funds to cover funeral costs.
*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*