Nobody likes to think about dying prematurely, but it does make sense to put plans in place to help your loved ones if the worst happens.
Taking out life insurance is the easiest way to guarantee your family will be protected financially. In the event of your death, your insurance company will normally pay out a lump sum to your designated nominees. The lump sum is typically used in two ways: to pay off large debts or to provide money for your family to live on after your death.
There are many types of life insurance policies with different premiums, pay out options, and term lengths. It’s a good idea to get some financial advice if you are consider taking out life insurance, to determine how much protection you can afford, and find the best deals to meet your needs. You can find an IFA or financial adviser here.
Questions you might like to ask an IFA or financial adviser…
- Will my premiums be less expensive if I am young?
- How long can a life insurance policy last for?
- Can I choose how the policy pays out?