In the unfortunate event of you passing away, Life Insurance will pay your dependents money. This can be in the form of one lump sum or as regular payments.
Designed to give you the reassurance, that your dependents will be financially secure, in the event of you no longer being there to provide.
The amount to be paid out, depends on the level of cover you take. You can also decide which way would be best to be paid out and also whether it will cover specific transactions, such as rent or a mortgage.
Two types of Life Insurance
The first type of Life Insurance is a term life insurance policy. This type will only pay out, should you die during that specific policy term. You can usually select in increments of 5 years, i.e 5 years, 10 years, 15 years or 20 years. With this type, there would not be any lump sum due at the end of the term.
The second type of life is known as a whole-of-life policy. This type will pay out at any point, should you pass away. Of course this is dependent on you being up to date with your premium payments.
What isn’t covered with Life Insurance?
It may seem obvious, but this policy is only designed to pay out, in the event of you dying. It will not cover you for illness or disability. Some life policies may provide a terminal benefit, but this may not be automatically granted and there can be lots of terms and conditions attached.
Like any form of protection, there will be exclusions. Most levels of life cover will not cover you for drug or alcohol abuse. There may also be an additional premium to pay, if you take part in any physical risky sports.
Prior to taking the insurance, if you already have a serious health problem, your insurer may exclude anything relating to that pre-existing problem.
If you are looking for protection against critical illness or a form of income protection, we have the ability to combine those policies with the Life Insurance, therefore giving you the full peace of mind you deserve.
Why choose MAIN for Life Insurance?
We have access to some of the UK’s largest underwriters and therefore have the ability to compare levels of cover there and then for you. We will ask you some questions about you and your lifestyle and establish exactly what policy features are important to you. This can be done over the telephone, email or face to face. If you would like to discuss your life protection options, either give us a call or arrange a consultation below.