life insurance

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Also known as life cover or death cover. Life insurance isn’t essential for everyone. However, if your children, partner or other relatives depend on your income to cover the mortgage, bills or other living expenses then you do, absolutely need life insurance. It will help  provide for your family in the event of your death. If you can’t provide for your family due to illness or disability - you won’t be covered as life insurance is only payable upon your death. 

There are many factors affecting the amount you will pay for your life insurance such as your age, health, lifestyle,  smoking status, the length of the policy and also the amount of money which you want to cover. For example, the younger you are, the less likely you are to die from a medical condition and so, the cheaper your policy is likely to be.

 

Do I need life insurance?

 

Do you have:
- Any dependents, e.g. children of school age?
- A partner who is reliant on your income?
- A family home with a mortgage which you pay?
- Your own funeral expenses which will need to be covered?

 

If so, then absolutely - yes. We strongly advise you to take out a life insurance policy.

Life insurance can be paid as a lump sum or as regular payments to your dependents upon your death. Designed to provide reassurance that your dependents will be looked after when you can no longer physically be around to provide for them. 

 

There are 2 main types of life insurance:

Term life insurance policies:

 

Running for the ‘term’ of your policy, which could be 5, 10, 25 years for example; term life insurance policies only pay out if you die during the policy and there is no lump sum payout at the end of your policy term.

 

A whole-of-life policy:

 

This policy will pay out upon your death, despite the time of your death, depending on you maintaining regular premium payments. 

Life insurance is only payable upon your death. However, some life insurance policies provide a terminal benefit, although these are not automatically granted. A terminal benefit will pay out upon diagnosis of a terminal illness. The terms and conditions of your policy will outline your eligibility for this cover. If you have a serious health problem when you take out the policy, your insurance might exclude any cause of death related to that illness.

 

You do have other options though, you can buy other insurance products for these issues, which cover:

  • long-term illness

  • critical illness cover, or total and permanent disability.

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Silvergate Group is a trading style of Silvergate Mortgages Ltd is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. Silvergate Mortgages Ltd is registered in England and Wales with company number 08780307. Registered Office: 81 Ellison Street, Jarrow, Tyne & Wear, NE32 3JU. The advice and/or guidance included in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK©2018 by Silvergate Mortgages.