Life Insurance

Why Do I Need Life Insurance?

Life insurance is one form of protecting your family in the event that anything untoward should happen to you. Ideally we will all live long healthy lives and life insurance may not then be necessary.

Realistically however this will not be the case for everyone, and having a life insurance policy may help relieve your family of the financial burden they may face should you die. Life insurance policies need not be excessively expensive, cheap life insurance can be found which is where we may be able to help you.

What Types Of Life Insurance Exist?

There are essentially two types of life insurance available. Term life insurance and investment type life insurance, briefly speaking investment type life insurance will give you a lump sum on a certain date whether you die or not. Term life insurance will cover your life for a set period of time and will pay your family in the event that you die within that time.

Investment Type Life Insurance

With investment type life insurance you will generally pay a higher monthly contribution than with term life insurance. Some may pay only upon death, and some may pay a cash lump sum upon death or if you are still alive by a certain date. The amount is usually determined by how well the insurance policy has performed with it's investments.

Term Life Insurance

Term life insurance is usually a cheaper way of providing life cover to protect your dependents in the event of your death. The monthly contributions will usually be less than those of investment type life insurance policies. With term life insurance, you will usually be covered for a fixed amount of money if you die within a given term (number of years).

In the event you survive this term, you will not receive a cash lump sum. Term life insurance often will be set for a specific thing, for example you may want to cover your life for the remaining time of your mortgage.