Policies to protect those you love

Throughout your life things will happen that you may never have predicted causing your circumstances to change. Whilst life insurance is designed to help protect the financial future of those you love, how do you determine when the right time to take it out is?

Let’s take a look at four of the most common reasons for purchasing life insurance.

When you have a partner and children

Starting a family is exiting and very rewarding, but having others being totally dependent on you brings with it a lot of responsibility. Life cover will ensure your loved ones won’t have any financial worries if you weren’t there to provide for them.

When you have a mortgage

If you died could your family keep up with mortgage repayments? Life insurance is a requirement by many mortgage providers as it is a way of paying your mortgage off should you die during the mortgage term.

Critical Illness

Sadly it’s very common to only think about life insurance when we lose someone close. Whilst we don’t want to be morbid and think we will all get a terminal illness, Cancer Research UK report that 1 in 2 people here in the UK will develop some form of cancer in their lifetime. Critical illness insurance covers you and pays out if you are diagnosed with a critical medical condition. It can be included with life insurance or bought on its own.

Becoming a grandparent

Many people take out life insurance for over 50 year olds so they are able to leave a cash gift for their grandchildren after they’ve gone.

Life cover can provide your family with a cash sum if you were to die, or are diagnosed with a terminal illness during the term of your plan. This could be used to replace lost future income, and help give back the feeling of security for those left behind. At a difficult time it can help to ease money worries and prevent financial hardship.

Please note, inflation can reduce the value of the cover and cover will end if your premiums stop. Covers have no cash in value at any time.