What is Life Insurance: Life insurance is a protection policy designed to cover you if you die, the idea is that your family will be looked after financially, after your death. The life insurance policy will either pay out a lump sum or a monthly payment to whoever you chose it to go to, when you set the policy up. In this day and age, most couples work as a team to bring in an income to pay their bills and enjoy themselves. Most people cannot afford to continue to live their lives the way they do if one of them was to die. If this is the case they should take out a life policy to insure they are they are covered should the worst happen. Why do I Need Life Insurance: A really common example of explaining why you need life insurance is; ‘If you had a machine that printed £30,000 per year at the end of your garden, would you insure it?’ Of course you would, because you’d want to make sure the money it makes comes in every year, even if it brakes. GUESS WHAT! That machine is you!!! It makes complete sense to cover yourself however, it is only needed if you leave someone behind that needs your income after you are gone. Some people feel the need to insure everything, except themselves. You can insure anything these days, a list of some examples are below: Buildings and Contents Phone Car Holiday Product Ins – often sold when you buy goods, such as a laptop or a fridge, they even sell it for toasters Sky Boxes Pet Drains and pipes If you spent all of your budget insuring your your toaster, you may need to review your priorities, after all what’s more important – you family or your toaster? How does it work: The policy works where the customer agrees to pay a sum of money per month in return for a payment should they die. The monthly sum is decided by a large number of factors such as; Age Weight Health Pre-Existing Medical Conditions How much you want the policy to pay out Budget As with all insurance policies there will be exclusions, these are clauses in the insurance contract, which mean the insurer does not have to pay you or they can reduce the amount they pay you, some examples are; Pre-existing medical conditions Hereditary medical conditions Suicide Taking part in a dangerous sport or job Of course there are just a few examples, always be carefully to check the terms and conditions of your policy to see what you are not covered for. To find out how much life insurance will cost you please contact me at True Potential Wealth Management for a no obligation and whole of market quotation on 01704 841474 or visit Josephstevens.tpllp
Posted on: Wed, 08 Oct 2014 06:52:22 +0000
Trending Topics
Recently Viewed Topics
© 2015