Life insurance gives a financial cushion and security for your loved ones to be protected when you are no longer available to them.
It’s not so easy to decide exactly how much cover you need in your Life Insurance policy. However, it needs careful considerations as everyone’s lifestyle and circumstances are different and unique.
If you don’t want your family to face financial stress in your absence you should buy a life insurance. You cannot depend on the government to take care of your dependents when you are not available for them. If you are married and having children of school going age you need a life insurance to protect your partner against financial needs and secure your children’s educational expenses when you die, unfortunately. You might also need cover for the expenses of your funeral.
Let’s Look at the Key Factors
If the worst happens to you your mortgage should be covered in which your monthly repayments will be done and will allow your family to stay in their homes.
The most cost-effective option is the decreasing term policy in which repayment mortgage is covered and the amount owed on your property decreases over time so as your cover amount.
And if you are rented your monthly payments will be covered in the insurance until your family leaves the home.
Apart from mortgages, there are many ongoing costs that are associated with maintaining the home. Life Insurance can also be helpful in covering the future costs like Council tax, Electricity, Gas, Property maintenance etc.
Future Family Living Costs
You would need life insurance for the reassurance that when you die your loved ones would be able to continue the same lifestyle. The payout given by the insurance policy can enable your family to maintain their standard of living and day to day expenses.
Life Insurance also offers you other options like Critical Illness Cover which can be taken along with Life Insurance simultaneously.
Critical Illness Cover
Critical Illness may cause a vital impact not only your life but your spouse or partner and your children. So you must financially secure yourself and your family when such an event takes place in your life. It covers illnesses like Cancer, Heart Attack, and Stroke. And it’s totally up to you how you want to spend the money provided.
There are 41 critical health conditions which the legal and general covers. If you are diagnosed with one of those critical conditions, cash payout is the benefit given to you for the treatment. It also covers additional medical costs in order to pay off your mortgages and other important adjustments to your home. You will be getting the option to select the waiver of premium or critical illness cover while applying for the policy.
Many People who want to cover their health with easy, special and comfortable treatments also choose Health Insurance for them and their family. For more information about over 50 life insurance, you must read some blogs from our website.
Health Insurance Cover
Health Insurance is a type of personal insurance in which medical compensation is given when you are sick and hospitalized. It covers expenses like nursing expenses, room charges, fees of a surgeon, specialist, consultant, pharmacy bills, operation theatre charges, x-ray, dialysis etc
Self-Employed peoples always choose to take medical insurance in order to secure them and their family from financial crises when they are not working and fall ill. Medical Insurance can pay you for some or all of your medical bills and you might also get access to the private hospital with special and quick treatments. if you cannot work because you are sick or you have an injury, the lost earnings could be replaced by monthly payments and in some cases until retirement age.