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Do I need a life insurance
Take the time to consider how much your loved ones might need to maintain their living standards if you were to pass away. This might include costs such as bills, mortgage repayments, school fees and any other debts you might need to repay.
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So by comparing getting a life insurance will keep you peace of mind for your family. We Bright Sun Insurance expert compare and find you the life insurance across the market insurers, which normally start from £2 per week depend upon your age and personal circumstances.
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There are two or three different types of life cover: level cover and decreasing cover. Both are term insurance policies – which means both protect your loved ones or mortgage amount for a fixed amount of time.
So difference between them are as follows:-
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Decreasing Term Insurance - This option is suitable to cover your mortgage amount insurance called as Mortgage Life Protection. With repayment mortgages, the amount of debt outstanding will decrease as time goes on. This level of cover will follow in suit and the cover amount reduces as the mortgage is paid off.
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Term Life Insurance / Level Term Insurance - This option provides a lump sum to leave behind for your loved ones, and select how long you want your cover to run for until the younger child becomes independent or upto your retirement age . You’ll then pay the same amount each month until your policy ends (Under guaranteed premium).
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This lump sum can help to maintain the living standards of loved ones. It could be used to pay off an interest-only mortgage, or go towards general living costs and monthly outgoings, such as rent.
Level cover could be a good option if you’re looking to:
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Cover your salary
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Maintain your loved ones’ living standards
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Help with health and living costs if you become terminally ill
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Pay your children’s school or university fees
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Continue to keep up mortgage repayments
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Pay off an interest-only mortgage
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the amount of cover remains the same throughout the term of the policy and does not reduce. This type of Life Assurance is suitable for Interest Only mortgages.
Increasing Life Insurance – this option allows you to protect your Life Insurance policy from the effects of inflation. Each year you will be offered the opportunity to increase your amount of cover in accordance to the retail price index, without the need for any further information.
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Cover amount stays the same
Monthly Payments stay the same
Life insurance (Level term)
Year 1 start Term of cover 25 years end of term
Mortgage Protection (Decreasing term)
Cover amount decrease in line with your mortgage balance
Monthly Payments stay the same
Year 1 start Term of cover 25 years end of term
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Normally Life insurance pays out a cash lump sum if you die or you’re diagnosed with a terminal illness where you’re not expected to live longer than 12 months. All people have different circumstances. So do you think that rally you need life insurance.
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Just think about to consider how much your loved ones might need to maintain their living standards if you were to die. This might include costs such as your household bills, mortgage repayments, children costs as you are the breadwinner for your family.
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You may also need to take into account who you’re covering, such as your partner/wife and children.
So think about whether you need Joint or separate life insurance policy?
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If you take joint policy with your wife/husband/partner as a combined cover, its call joint policy. This pays out only in 1st event death then policy will end (Accelerated benefit) and won’t provide cover for the second person after the first passes away.
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and if you want to make sure if you passes away and later on your partner, then you want to make sure on the both events your 1st your partner will get the benefits, when partner passes away then it will go to the the family its called (additional benefit), so need 2 separate polices for each others.
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You can also both take out two separate policies. So once sum insured pay out for one person their policy will end – but the second person’s policy will continue.
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What's covered (Main benefits of policy)
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Lump sum payment, Protection if you die, Mortgage paid off, Terminal illness benefit, Flexible length of cover benefits, A separation benefit, free benefits by insurance providers.
Speak with us today to find out more in detail.
What is not covered (exclusions)
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Not paying your premiums, If your payments stop, so does your cover-The policy has no cash in-value at any time, Death outside the policy term, You choose how long your policy lasts. Once it's finished, then your cover will stop and we won't pay out if you die, Suicide and self-inflicted injuries in the first year
You won't be covered if you die by many companies as a result of suicide or intentional, self-inflicted injury.
To apply for a cover, you need to ensure:
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You’re a permanent resident of the UK, if you are on any visa with different nationality, just let us know.
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You’re aged between 18-90
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You answer the questions about your lifestyle, current health, past health, job type, Any hazard activities that you do, past claim history etc. when applying. Failure to disclose you claim will not be paid by the insurer company.
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You are registered with the GP, as if the insurance company needs your medical history then they will be able to get.
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If you meet all, or not sure which cover is relevant, then we can advise you as a protection advisor, on advised basis with many years of experience, so apply today to fill a quick quote form above then we will provide you solutions in next 30 minutes time.
Or call us on 02080641618
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