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LIFE INSURANCE

Life insurance can be a safety net to help support your family and their future if you were to pass away from a terminal illness, or in and accident. In addition to providing a vast array of life insurance options, we can also provide critical illness cover and income protection insurance.

Especially if your family are reliant on you, providing them with financial support can help them pay for any expenses including mortgage bills and income loss. Some clients have life insurance in place in order to fund their funeral and leave their family some money behind, and our financial advisers can provide advice as to the best way to do this.

MAKING A CLAIM

When making a claim for your life insurance, there may be instances where you cannot make a claim, for example if your death is as a result of alcohol or drugs, or it was related to an illness you already had when you took out the insurance policy.

These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. 

WHOLE OF LIFE vs TERM LIFE INSURANCE

Term life insurance provides benefits only if you die during the duration of the policy, which is usually a fixed period of time which could be any amount of time, for example 5, 10, or 30 years. This form of insurance is more expensive the older you are, however if you wish, you may convert it to whole life insurance.

Whole life insurance lasts your whole life that will be released whenever you die. It is a cheaper option than term life insurance if you start your policy at a younger age, and usually you must undergo a health assessment in order to charge you a fair premium each month.

GET IN TOUCH

For a wide range of life insurance options and expert advice on the best one for you, contact Options Mortgage Centre in Blackpool today on 01253 294480.