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Life Insurance simply explained Life assurance.
For lots of us, life insurance is an important way of helping protect the people we love – so they can maintain their lifestyle should you no longer be around.
So when looking to buy life insurance, just ask yourself 3 simple questions.
You may have a spouse or children, and a mortgage or other outstanding loans – or even a combination of all of these. There are different types of life insurance depending upon your needs – so it’s important you get all the facts before you get a quote.
If you have a mortgage, how much is outstanding? And how much would your family need to maintain their lifestyle without you there to provide for them?
Take into account your income and outgoings, such as your mortgage payments and utility bills. Think about childcare costs and perhaps the odd holiday. Also what your family might want in the future, possibly university fees or even a deposit for a first home. The amount of cover you need is up to you, but you’ll be surprised how it all adds up.
How long do I need life cover for?
Think about how long’s left on your mortgage, how long your children will be financially dependent on you, and how old your partner will be when they’re likely to retire. This will help you decide how long you want your life cover to last.
How life cover works over time
Cover and premiums that increase over time
Texas life insurance
With increasing cover, the amount of cover and the amount you pay can go up each year. This means the policy holds its value to protect against inflation.
This could be a good option if you’re looking to:
Maintain your loved ones’ living standards
Help with health and living costs if you become terminally ill
Pay your children’s school or university fees
Continue to make mortgage payments
The maximum annual increase is 15% to your premium and 10% to your cover amount
If you don’t want your cover and premiums to go up, you can choose to maintain the same amount of cover and the amount you pay each year.
Cover that decreases over time
With decreasing cover, the value of your cover goes down each month (broadly in line with a repayment loan using a fixed interest rate), but what you pay stays exactly the same for the duration.
The cover amount will eventually finish at £0, just like any debts that you want to pay off – so you won't leave your family with debts if you pass away.
This could be a good option if you’re looking to:
Cover any debts or loans that you repay monthly
Your premiums are guaranteed unless you make a change to your policy.
Looking for more cover?
Critical Illness cover
Our Critical Illness Plan pays out a lump sum if you or your child are diagnosed with or have surgery for 1 of the 54 critical illnesses covered by our plan.
Payment: If you become critically ill and live for 10 days after diagnosis
Lowest price term life insurance
Over 50s Life Insurance
Affordable over 50s cover that lasts a lifetime.
Cover: £404 to £20,077 (subject to age and premium)
Free Parent Life Cover
A year’s worth of life cover for parents of children under 4. Absolutely free.
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