Life insurance is one of those things that you often hesitate about. Do you really need it or it’s just another additional cost in your monthly bill? As it pans out, the former scenario is more accurate. Life insurance is one of the important ways to protect the future of your family. Your family will be paid if you die during the policy term or are diagnosed with a terminal illness.
Life insurance cover can be started at any time during 18-85 years of age. But the policy’s eligibility typically expires at 91 years. To get life insurance with trusted providers like Aviva and Ageas, you have to be a resident of United Kingdom. This excludes the territories of the Isle of Man and the Chanel Islands.
With life insurance, you are insured to up to 1 million GBP, depending upon your policy. Your family will receive the agreed upon payout in one of the two ways:
- In the unlikely event of your death.
- If you are diagnosed with a terminal illness with less than 12 months to live. A payout in this case would need at least 12 months remaining on your policy.
Opting for life insurance will give you peace of mind. You will know that your family won’t have to rely on the government to live. They can use the lump sum payout to pay off any outstanding mortgagesand loans in your name. The payout would also mean that they can maintain their lifestyle.
Life insurance becomes even more important if your significant other doesn’t have a job. The situation becomes even moreimportant if kids come into the equation. The loss of a sole breadwinner can be quite unbearable for a family. Life insurance provides a cost-effective protection against such a predicament.
As stated before, life insurance doesn’t cost much. Monthly premiums can be as low as 5 pounds. However, the calculation of these premiums is dependent upon several variables. These include the likes of habits, lifestyle, salary, known diseases, number of dependents and more. For example a 30-year-old who doesn’t smoke and exercises regularly, can have monthly premiums in the range of 5 to 12 pounds. Whereas a 45-year-old who is obese and smokes, can have monthly premiums in excess of 45 pounds. However think about it, both these costs, despite having differences between them entail countless benefits. Under unfortunate circumstance of your death or terminal disease, the payouts from your insurance policy can secure the future of your family. Your kids wouldn’t have to sacrifice the opportunities they get on the basis of financial constraints. Your spouse won’t have to get depressed and look for ways to make ends meet. Your family won’t have to bear the burden of your debts.
In short, life insurance, nowadays, is a critical component of living life the way it is meant to be lived. You don’t have to spend your days worrying about the worst. Just signup for a life insurance plan and attain that peace of mind!