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We know it’s not a cheerful thing to think about, but life insurance can give you peace of mind. It can help to reduce the risk of leaving loved ones and dependents without the money to cover debts or bills, should you pass away. Money can’t replace a family member, but it can certainly help knowing that your family is left financially secure.
People typically only really think about life insurance during a big life event, such as buying a home, getting married, having a baby or starting a new job. But it may be worth considering one sooner, when you’re young and healthy, as the premiums could be lower.
Various factors may affect your premium. Your age, your health, how long you want to be covered for, the amount of cover you need and whether you smoke. So be sure to compare to find the right policy for you.
Once you’ve decided on the policy you need, there are few types to consider, depending on your circumstances. Critical illness cover pays a tax-free sum of money to cover the costs of certain serious illnesses e.g. to help with things like a mortgage payment if you’re unable to work. All critical illness policies cover cancer, heart attacks and strokes.
Joint life policies are designed for couples who share financial commitments. They can sometimes be cheaper than two separate policies, but it is worth knowing that joint polices will only pay out once upon death of the 1st policy holder, so if you wanted to continue the cover after it’s paid out, you would need to consider taking out a new policy.
*Figures based on an 18 year old, non-smoker with £40,000 decreasing term policy over 15 years. Prices at September 2015 from Beagle Street.
Dragon Mortgages Ltd (747417) t/as Dragon Finance is an appointed representative of Dragon Brokers Ltd (599430) which is authorised and regulated by the Financial Conduct Authority. Registered office: Stafford Court, 145 Washway Road, Sale, Greater Manchester, M33 7PE. Registered in England.