A beginner’s guide to life cover: You may be familiar with insuring your car or your belongings, but one of the most important things we can protect is ourselves.
Life insurance is a way that you can protect your family – even when you’re not around.
If you’ve ever considered taking out life insurance, or just need more information to help make your decision, keep on reading.
What is life insurance or life cover?
Life insurance – which is also sometimes called life assurance – is a way to financially protect your loved ones in the event of your death.
When you die, your life insurance policy can be taken out to cover mortgage payments or anything that your dependants will have to cover when you’re no longer around.
How does life insurance work?
You can take out a life insurance policy with most insurance companies. It’s a contract where you pay premium payments every month/year, and in return, the insurance company will pay your beneficiaries a lump sum of money when you die.
What do I need life insurance for?
Your life insurance policy can help take care of your loved ones, even after you’re gone, so it’s an important arrangement to make.
Whether you’re planning on starting a family and want to make sure your loved ones are taken care of, or taking out a large mortgage and want to help your partner pay it off if you die, there are many reasons you might take out a life insurance policy.
Do you need a single or joint life insurance policy?
It all depends on your personal circumstances. Some people may want to get a life insurance policy that protects them individually, whereas some may want to get cover for themselves as a couple.
The monthly payments of a joint life insurance policy will often be cheaper and allow more than one person to be covered under the same conditions.
What life insurance should I get?
Choosing the right life insurance policy will depend on your needs. There are a few different factors that you may need to take into consideration, like your family situation, mortgages, people who are financially dependent on you, and your budget.
As a guide, the less you pay monthly, the lower the overall payout if you die, so it doesn’t always pay to go with the cheapest provider you can find.
Trusted life cover from Sterling Capital Group
If you’re thinking about taking out life cover, you want to do it with a reputable and trusted company – like Sterling Capital Group.
We have a team of experienced life cover insurance policy advisors who’ll be able to help you decide what to look for in a life cover policy, and whether you need life cover.
To speak to an expert, get in touch with us today.