It may be the case that not everyone needs life insurance (also known as ‘life cover’ and ‘death cover’). But if your spouse and children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is ‘yes’.
Life insurance makes sure they’re taken care of financially if you die. So whether you’re looking to provide a financial safety net for your loved ones, moving house or a first-time buyer or simply wanting to add some cover to what you’ve already got – you’ll want to make sure you choose the right type of cover.
That’s why obtaining the right professional advice and knowing which products to choose – including the most suitable sum assured, premium, terms and payment provisions – is essential.
We never know what life has in store for us, so it’s important to get the right life insurance policy. A good place to start is to ask yourself three questions: What do I need to protect? How much cover do I need? How long will I need to cover? This sum must take into account your family’s living costs, as well as any outstanding liabilities, such as a mortgage.