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Stirling House Independent Financial Advisers
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By Craig
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Stirling House Independent Financial Advisers
Life Cover
The facts from Stirling House Independent Financial Advisers www.stirlinghouseessex.co.uk
'The Facts' are free to use and provide our clients with an unbiased insight into financial products.
Life Cover or Life Insurance?
Life Cover pays a lump sum or regular income when the life assured dies. Life assured is the name given to the person who is insured by the life cover.
Life Cover is usually purchased for the following reasons:
How much Life Cover do you need?
It is usual to work out the potential financial needs of your dependent or family if you were to die.
For many people a mortgage could be the largest monthly commitment and therefore it is a good idea to repay this in the even of a death.
Try and think; life cover may need to provide for your family, financially speaking in the way that you do now.
For parent/those with dependent, Life Cover may be used to replace the lost income of the deceased or for stay-at-home parents or carers, a Life Cover policy is likely to need to provide the finances to provide alternative care arrangements, such as childcare.
Those with other home responsibilities, such as caring for an elderly or infirm relative may also need to consider Life Cover.
How long do I need Life Cover for?
For mortgages, your mortgage Life Cover should match the term of your mortgage as closely as possible.
For Life Cover for dependents; you should think about how long y
ou are likely to need to provide for your dependents, please consider the future cost of:-
How much does Life Cover cost?
The cost of Life Cover is based on the following factors:-
There are a large number of Life Cover providers from Banks and Insurers. The cost of the same Life Cover can vary significantly from provider to provider. We have attached an independent cost calculator to our website at www.stirlinghouseessex.co.uk/lifecover
Use an independent financial adviser to ensure that you have the Life Cover you need and you are getting the best price.
Other Considerations
Often if you have existing policies there may be other benefits included in you Life Cover, such as:-
The facts from Stirling House Independent Financial Advisers www.stirlinghouseessex.co.uk
'The Facts' are free to use and provide our clients with an unbiased insight into financial products.
Life Cover or Life Insurance?
Life Cover pays a lump sum or regular income when the life assured dies. Life assured is the name given to the person who is insured by the life cover.
Life Cover is usually purchased for the following reasons:
- Mortgage
- Provide for children/benefits
- Repayment of other debt
- Funeral planning
- Business purposes
- Inheritance tax planning
How much Life Cover do you need?
It is usual to work out the potential financial needs of your dependent or family if you were to die.
For many people a mortgage could be the largest monthly commitment and therefore it is a good idea to repay this in the even of a death.
Try and think; life cover may need to provide for your family, financially speaking in the way that you do now.
For parent/those with dependent, Life Cover may be used to replace the lost income of the deceased or for stay-at-home parents or carers, a Life Cover policy is likely to need to provide the finances to provide alternative care arrangements, such as childcare.
Those with other home responsibilities, such as caring for an elderly or infirm relative may also need to consider Life Cover.
How long do I need Life Cover for?
For mortgages, your mortgage Life Cover should match the term of your mortgage as closely as possible.
For Life Cover for dependents; you should think about how long y
- Further education and accommodation
- Assistance with deposits for property
- Car purchase
- Weddings
How much does Life Cover cost?
The cost of Life Cover is based on the following factors:-
- Age
- Gender
- Amount of Life Cover required
- Term (e.g. age at expiry of Life cover policy term)
- Smoking status
- State of health
There are a large number of Life Cover providers from Banks and Insurers. The cost of the same Life Cover can vary significantly from provider to provider. We have attached an independent cost calculator to our website at www.stirlinghouseessex.co.uk/lifecover
Use an independent financial adviser to ensure that you have the Life Cover you need and you are getting the best price.
Other Considerations
Often if you have existing policies there may be other benefits included in you Life Cover, such as:-
- Critical Illness
- Terminal Illness
- Waiver of premium
- Investment/Endowment vehicles
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