What is Life Insurance?

The policyholder pays a set premium per month which goes towards a tax-free, cash lump sum pay out for our loved ones in the event of your death. Life insurance is, for many, a difficult topic to approach. Many of us do not want to face the prospect of not reaching old age. It can also seem highly complex at first glance. Which service do you need? How do you get it? Where can you get advice?

Here at MyLifeInsurance Solutions we offer answers to these questions. Read on to find out which service you need and why you should start comparing today.

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Who needs life Insurance?

Truthfully, there is a reason for most people to have some form of life insurance. Most obviously, anyone who has dependants. These could be children, partners, or parents; anyone who relies on you for support financially. Life insurance provides them security if something were to happen to you. You can ensure they remain in their home and that they have financial support for the future. Even if you are a working couple or business partners, life insurance can ensure important people in your life are taken care of, and your legacy is looked after.

Those of you who may be lucky enough to be completely financially stable, there is still a reason for you to take out a life insurance policy. It is a great way to invest money to protect your savings.

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Life insurance offers financial peace of mind for you, ultimately avoiding an extra burden for your loved ones in the event of your death.

Whole of life insurance is the most comprehensive cover available, and generally costs more than term-based insurance. Whole of life insurance is a guaranteed pay-out in the eventuality of your death.

Term-based life insurance is great if you want your dependants to be covered until they reach a certain age or perhaps just until you retire.

Critical Illness cover is a policy which usually pays a cash lump sum if the policy holder is diagnosed with one of the specific illnesses on a predetermined list. Policies may also pay out a regular income as opposed to a one-off payment.

Decreasing or increasing life insurances are flexible polices whereby the amount payable decreases or increases over time. A decreasing term life insurance policy is often used to cover expense such as a mortgage, which decreases in value over time. An increasing term life insurance policy is a good idea if you believe you will need more cover over time, for example to cover increased living costs or tuition fees for your children.

Over-50s life insurance covers those whose needs are probably very different from younger policy holders. This tends to be for those concerned with protecting their money to leave an inheritance or perhaps simply covering funeral costs.

Joint life insurance is simply a single policy for two people, often cheaper than two single policies.

Add-ons to your policy can include guaranteed insurability or reviewable premiums. Guaranteed insurability allows the policyholder to increase cover in case of life changes such as getting married, having a child or re-mortgaging. Reviewable premiums allows you to set a monthly payment for a fixed term before they are subject to review.