Recommendations for Life Insurance
If you are searching for a life insurance policy, then we have a few recommendations that you might want to consider during this process.
Life insurance is generally considered or required whenever something happens in your life, such as marriage or having children. With this comes the need for security. Security of having life insurance to protect your loved ones and ensure that they are financially secure when you are no longer around.
1. Life insurance is part and partial of buying a house
If you’re a first time buyer and considering a mortgage then the likelihood is, your financial advisor will advise you to secure a life insurance policy too. These incremental milestones in life require life insurance, so be sensible.
2. Don’t wait…
However, we don’t recommend waiting around for these moments to happen. In fact, it is cheaper and easier to get a life insurance policy when you’re younger. This is mainly due to the fact that as you get older you can incur more health problems. So there is no time like the present to get covered and happily live life.
3. Different Types of life insurance
There are various types of life insurance you can choose from. Whilst there are two different options there are both similarities and differences between them both. Let us help you choose the most suitable life insurance policy for you.
Term life insurance
This is most commonly taken out with a mortgage. If the person dies during the ‘term’ then the insurance policy will pay the amount you’re insured to cover.
Whole life insurance
Whole life insurance policies, when purchased, cover the person until they pass away. There is a guaranteed pay out, hence why it is often referred to as life assurance. They tend to be more expensive than term.
4. Consider your needs not the price
So before getting quotes for when making the decision between term and whole life insurances is determine which would be the best policy for your needs.
5. Trusts
You should consider the relative merits of a trust for your life insurance policy. Its like a will and is designed to ensure that the right money gets to the right person – quickly.
If you want to get more information on life insurance, book a free consultation with one Financial Foresight’s trusted experts. Or call into our Ballyclare branch for life insurance advice.
