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How does life insurance work?

Life Insurance is a form of policy that covers their next of kin with much needed financial support if you were to die. There are a variety of life insurance policy types out there. Most of them are designed to pay out as a lump sum to your loved ones, helping them with financial concerns such as mortgage payments, childcare costs and other regular bills.

If you are considering taking out life insurance, we would advise that you speak with one of our dedicated mortgage & protection advisors. They will be by your side during the process, helping you to understand your personal situation and finding the best protection policy for you and your family.

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Do I need life insurance?

Anyone concerned with what could be left behind financially, after their untimely passing, should look at their options for life insurance. Life insurance coverage is not mandatory either in general, nor for your mortgage, but can be a lifeline in unfortunate circumstances.

Think of the hypotheticals, if you live with a partner or friend, you wouldn't want them to be left financially struggling with potential credit you have left behind. This is one of the many circumstances where life insurance could be truly useful in your future.

As providers of expert life insurance advice, we would definitely recommend that single homeowners still look at taking out their own life insurance policy.

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Life Insurance FAQs

What is life insurance?

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Life insurance is a type of financial cover that is taken out from an insurance provider. Providing that you maintain your monthly payments and can meet the terms and conditions that were agreed to when the policy was taken out, a lump sum is paid out to your estate in the event of your death.

When should I get life insurance?

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As an open & honest insurance and mortgage broker, we firmly feel like life insurance should be taken out at the same point as a significant change in your life, such as when you take out a mortgage, when a child is born or when you have gotten married.

You can never truly predict what is going to happen in the future and in the event of you passing away, the last thing you want your family or loved ones to be left with, is sudden financial hardship that is caused by your existing financial commitments.

At the end of the day, much of that debt will still be owed to the creditors, legally. Life insurance makes sure that no matter what happens, your family are protected from these circumstances.

How does the process work for life insurance?

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The amount of coverage you are able to receive and the premiums you will end up paying, are entirely dependant on your personal circumstances and the policy you agree to, as all of the policies will be different. As a typical rule, you would be paying a premium to your insurance providers.

As qualified and experienced protection specialists, we often find that the younger and healthier you are, the cheaper your quote could end up being. Your Life Insurance quote will consider a variety of factors, such as your lifestyle, age, and medical history.

In the event that a claim were to be made, the coverage can either pay the entire amount insured in one big lump sum payment, or through regular payments to your family, depending on what you agree to when your policy is being decided.

The handy thing about taking out any type of life insurance is that you are able to decide on what that payout is used for. You decide on specific details yourself, such as if you want your payout to cover mortgage debts specifically.

Remember, life insurance is a type of policy that exists to provide financial support for family members, replacing any of their lost income or pay off any of your outstanding debts, so that your family doesn't have to.

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