Worrying about what will happen to your family in the event of your death can be incredibly stressful, putting life cover insurance in place can put your mind at ease.
Life cover insurance enables you to leave behind a lump some of money in the event of your death to those close to you. If your loved ones require you to pay bills or bring in a significant income, having life cover in place means they have a financial safeguard should the worst happen.
There are two different types of life cover insurance:
Decreasing term life cover
This is generally the cheaper option as the amount of cover you have decreases in line with your outstanding mortgage balance.
Level term life cover
While level term cover comes at a higher cost the amount of cover stays the same over the entire length of the policy. This is more suited to those who want to leave a lump sum behind or pay off an interest only mortgage.
We encourage anyone looking to take out life cover insurance to speak to an advisor to make sure you’ve got the right plan in place for your personal situation.
Once you’ve got the right plan in place you can carry on enjoying life without the ‘what would they do without me’ fear hanging over you.
To find out more about getting your life insurance cover organised: Speak with us.
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