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Keeping our families safe, both physically and financially, is without a doubt a priority in life. We want to know our families have access to the best healthcare, education and living standards, and if you have dependants those responsibilities will often fall to you.
So how could life insurance benefit your loved ones?
Life insurance is essentially a safety net for your family to ensure that they are taken care of financially in your absence. Here are some ways life insurance could help those you leave behind.
Cover your mortgage
If you are a homeowner, it is comforting to know that life insurance could cover your home’s mortgage payments after you have died, so that cost wouldn’t fall to your family. Mortgages can be lengthy and expensive and it’s not something you would wish to leave behind unpaid. Covering the cost of your mortgage can also ensure that your dependants would have a secure home to live in.
Erase your debts
Many people have taken out loans for various reasons, and we all have monthly payments to make whether it’s on our car, our furniture or our property. Life insurance can cover these costs and pay towards any outstanding debts so your loved ones don’t have to.
Pay for funeral costs
Funerals are expensive and the costs shouldn’t be one more thing to be worrying about for your family. You can pick a life insurance policy that will help your family out at that tough time. This means your loved ones don’t need to worry about paying for funeral necessities, but can instead focus on each other.
Ensure bills are paid
If you have dependants who you will leave your property to, you shouldn’t forget about those bills that will land on the doormat every month. If you have people who are financially dependant on you, having life insurance that will cover their living costs, from electricity bills to having food in the house, is a load off your mind.
What to think about before you commit to a policy
You should consider a few things first before you invest in life insurance.
What your family will receive
When looking for life insurance policies you should consider what you wish to be covered. Some people choose life insurance to protect their families by leaving money behind for them. Others choose insurance policies that can pay off any outstanding debts such as loans or mortgages.
Don’t forget about your budget when looking at policies. You want the best for your loved ones after you’ve gone, but you also don’t want to be paying too high a premium, resulting in you being left short each month. Look carefully at what you need from your life insurance policy and compare all of the providers to find the best deal for your budget and needs.
Who will receive the funds
An important thing to consider is who your beneficiaries are. These are the people, or person, who will receive the payments from your insurance. You can choose to split the money between several people or pick one person who will receive all the payments from your policy.
The length of coverage
Think about how long you want coverage, whether it’s only for a decade or so, or if you wish to be covered for the rest of your life. You can read more about the different length of insurance policies below.
Which type of life insurance works for you?
There are two types of life insurance, both with different benefits. You should first decide which one is right for your situation. The two main types are ‘term’ and ‘permanent’.
Term Life Insurance
Term only provides temporary coverage. This is generally the more affordable option between the two types of insurance. You can choose a set period for cover, which can be anything between 10 and 30 years. With term life insurance you can be safe in the knowledge that you will pay the same premium every month with no hidden charges. This makes it reliable and a safe bet if you have a strict budget to adhere to.
Term insurance is best suited for people who only need short term cover. If you want to ensure your children have their school and university costs covered, this could be the right cover for you. You could also choose a short term insurance policy to cover a mortgage, so your loved ones are not left with any payments after you’ve gone and they can stay living in that property without any financial stress.
Permanent Life Insurance
Permanent life insurance has it all in the name: it gives you coverage for the rest of your life. Permanent life insurance policies can ensure that your family are covered financially after your death with a tax-free lump sum payment. Your loved ones can use this payment to pay any outstanding bills or pay toward monthly living costs that could essentially replace your income.
You could also access the cash value of your insurance policy to supplement your retirement, or as extra funds for any unexpected payments that arise.
Where can you find the best life insurance your family?
With MoneySpace you can access dozens of insurance quotes for free, helping you pick the right policy for your family.
By comparing life insurance this way you could save up to 45%. This allows you to not only hand-pick a great deal but also save money in the process.
Finding a policy that suits your needs couldn’t be easier. First all you need to do is fill in the form with the cover period you’d like and the amount of cover needed. Next, add your name, your date of birth, contact details and state whether you are a smoker. You can then click for a free quote – it’s as simple as that!