Advice around life insurance

If you have insurable interest whether that be a beneficiary of yours as a friend, a child, a family member. What would the impact be to those people around you if you died?

You should ensure that you have relevant and affordable cover in place. 

This cover will give you peace of mind that your beneficiaries will be financially protected should anything fatal happen to you. 

Taking out a Life Insurance policy is worthwhile as it eliminates any possibility of financial hardship in your loved ones future.

How you intent on structuring your protection is key where you would arrange protection now and then let the policy run without changes until the end of its term. Elements that should be considered for relevant cover and cost implications are:

Whose plan is it 

  • Menu plan: Multiple policies under one application
  • Individual plan: One life covered by one benefit 
  • Joint plan: Two lives covered by one benefit

Type of cover:

  • Level: Benefit starts and remains the same 
  • Decreasing : Cover reduces year on year 
  • Increasing: You can choose the level at which this increases for example in line with RPI  or a set percentage

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