Wednesday, 6 May 2020

Protecting Your Family For The Future

Protecting Your Family

Have you thought about life insurance? Who will look after your family if the worst happens to you and you're no longer there to support them financially?  There are so many reasons why you should look at getting some life insurance to secure the financial future for your family.

Many of us struggle to put money away, because as soon as we have a lump sum saved up - we spend it. But by taking out life insurance, you pay in every month and you're not able to access it to spend it.


Benefits Of Life Insurance

You will get a lump sum paid out to help your family financially in the event of your death, this will help your family to be financially secure and not have to worry about debts or payments. Especially if you leave a young family and the other parent is unable to work.

You can get add-ons for critical illness, in case you become ill. If you get a life threatening illness and you need to give up work. You don't need to worry about giving up work or having to take extended sick leave. Because your life insurance will payout if you have this included in the policy

Mortgages can be paid off to secure a home for loved ones. If you have taken out a life insurance policy, your family can pay off their mortgage. Either in a lump sum or as a monthly payment by opting for the Family Income monthly payment. Either way, your loved ones can stay secured in their home.

A monthly payment to supplement lost wages of a loved one. The wages that we take for granted every month will suddenly disappear after the death of a loved one. So life insurance will help to supplement that money. These are family income insurance policies and will pay out every month instead of a lump some. It helps you to economise.


Peace of mind that you have looked after your loved one. We all worry about how our family will cope, when we are gone. This will be your final gift to them.

Some insurance policies help towards funeral costs. With funerals costing into the £1000's, you need a bit of financial help and some policies will help you do this. So you can have the best funeral without the worry of how your family will pay for it.

Have an insurance for a set time period. This means that you can have an insurance policy for a set amount of time. You can take an insurance policy out when your kids are babies and let it run until the youngest turns 18, 21 or even 25. If you should die before they are of the age that you choose, then they will be set up financially. This is probably one of the biggest worries when we all have children. If you have a policy to run alongside your mortgage, then you know the kids will always have a roof over their head.

How To Take Out An Insurance Policy


Firstly you need to know what you are looking for to protect your family. Then you need to look for the right policy. If you should choose to go through a life insurance broker, they will help you to find the right policy for you. You can chat to them and tell them your worries and they will find you an appropriate company and policy to use. 


Then you pay into it monthly. If you were to die within the policy time, you stop the payments and the policy pays out. If you take a Family Income benefit policy and you choose 25 years, and you die within a couple of months. The policy will pay out for the whole 25 years (minus the months that you were alive). If you were to die 15 years into the policy, then the policy will pay out for the next 10 years. 

A lot of parents (especially new parents) worry about what will happen to their family in the event of their death. Life insurance is almost as important as every day bills in your life and it's something we should all have. 

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