Insurance Guides and Resources

Regrettably, due to the fact that money for premiums is lost if a person doesn’t pass away during their coverage period (in the case of term life insurance), or since many live until later on in life and continue to pay their permanent life cover premiums, the majority of the public is under the impression that life insurance is a scam. However, this isn’t the case.

We are all aware that death is inevitable, it’s just a matter of when. It is unpredictable what is going to happen today, tomorrow, or 60 years into the future, but it will eventually happen. For this reason, life insurance policies are put in place to protect your loved ones from the worst case scenario, helping to ease any financial burdens that they shouldn’t be dealing with at such an emotional time.

The main reasons for choosing life insurance are:

  1. To help pay towards final expenses

Burial and funeral expenses can easily run up to at least four thousand pounds, and nobody wants their husband/wife, children or parents to suffer financially after their death. Whole-of–Life or over 50s insurance plans can help protect loved ones because it means that when you die, nobody will be left out of pocket from paying the costs.  

  1. To cover children’s expenses

Protecting your children’s future is essential, especially whilst children are still at home. Whether you want to buy term life or whole-of-life insurance or anything in between, a life cover plan will protect your family financially, by paying out an agreed cash lump sum if you die during the length of the policy. This then enables your loved ones to pay for things such as your repayment mortgage or any other expenses.

  1. To pay off debts

In addition to providing income to cover daily living expenses, every family member should consider a life insurance plan to cover any remaining debts such as a repayment mortgage, as this way you would not have to sell the house to remain debt-free.

There are also critical illness cover plans in place, so that should you contract a specified illness, you are paid a lump sum while you are still alive to cover any medical care or treatment; making sure you are not incurring more debts or financial stress for yourself or loved ones. This can be added on to a life insurance plan or you can have it as a standalone policy.  

  1. To replace your spouse’s income

If your husband or wife has suddenly passed away and you have a few assets or little savings, some of the questions you would be immediately concerning yourself with are; “What am I going to do? Where will I live? How will I pay the bills?”

Married couples can insure one another by using a life insurance policy. Joint life insurance plans are usually taken out where the death of either person will significantly affect the lifestyle of the other, especially if there are children involved. A joint life plan will cover each spouse for the same amount of cover and length of time. Normally it costs less than two single plans, but the plan only pays out for the first death.

Will my premiums change?

Term Life Insurance premiums are generally the same throughout the policy’s time frame. Whole-of-life insurance may differ slightly and usually works out more expensive, depending on your circumstances. It is best to speak to an advisor for more information, as it can be confusing with so many available plans. An advisor will not only be able to find you the cheapest option, but more importantly, the best plan for you.

How can I reduce my premiums?

Our expert advisors here at Quick Quote Life will take into account facts about you such as:  

  • Your financial and personal requirements, including paying off your repayment mortgage or assuring your loved ones are satisfactorily covered and looked after.
  • Any pre-existing policies.
  • Your budget.

How much will Life Insurance cost?

Life insurance can cost as little as £6 per month, depending on your needs and situation. Here at Quick Quote Life we understand that insurance can be complex and difficult to understand, so if you want to get an estimate of how much you might have to pay for your life cover, contact us today for a free obligation quotation, or if you would just like more information on the plans that are available for you.

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