Saturday, 23 March 2019

‘How much life insurance do I need?’ Working out your perfect cover

Life insurance is a simple protection policy that is designed to pay out a lump sum should you die during the life of your plan.

The benefit payment is paid to your loved ones to help them cope financially during such difficult times. When set up correctly the benefit payment is paid out tax-free to your beneficiaries to use however they see fit – it could be to pay off a mortgage or any outstanding loans, or just to help with everyday financial commitments while they get back on their feet.

The two main types of life insurance are “decreasing”, where the amount it pays out reduces over the term of the policy, usually in line with a repayment mortgage , and “level”, where the amount of cover…


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