When should I get life cover and why do I need it?
Life Cover, it’s one of those things that we’ve heard people mention, but we aren’t exactly sure why we need it, or what it actually is?
Life Cover is type of insurance policy that can provide financial support to your loved ones when you pass away.
The benefits of having life cover are it can help clear outstanding debts, such as your mortgage, and give your loved ones an extra income to live off, so your partner or children can continue to pay bills and living expenses.
Ok, so now you understand what it is… I’m sure one of the following thoughts have popped into your mind.
- I’ll wait till I’m older, I will be in a better place financially to afford it
- Our money goes onto other priorities at the moment.
- It will cost less overall the shorter term we need.
Well, you absolutely could wait until your older to start your life cover, but don’t assume that you’ll pay less. Here’s some facts & figures.
The following figures are based upon a male, non-smoker from the same insurer providing a £200,000 life cover up the age of 65
By taking out the cover 20 years longer at a younger age you could potentially save £2,151.60.
*Of course, this is all subject to your lifestyle and underwriting.
So now we know as time goes on premiums increase, you’ll also need to consider that the chances of getting full cover would reduce as you will have likely picked up medical ailments along the way that now affect your medical history, therefore reducing what the cover will pay out on.
Don’t delay because you think it will be cheaper or can’t afford it, please contact us for a tailored quotation.
Source: Solution builder 2020 (based on a male, non-smoker, £200,000, level cover, life cover only)
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When should I get life cover and why do I need it?
The benefits of having life cover are it can help clear outstanding debts, such as your mortgage, and give your loved ones an extra income to live off, so your partner or children can continue to pay bills and living expenses.