Let’s face it. Most of you have probably put off buying life insurance for a number of reasons: It’s too expensive, you’re strong and healthy, you’ve not got children, or you’ve just not got round to it yet. Many of you even think life insurance isn’t necessary at all.

However, this isn’t true and there are many reasons for buying it. Here we discuss what exactly life insurance is and what the benefits are.

What is life insurance?

First things first, life insurance is also known as life cover or life assurance. It is a way to help protect your loved ones financially if you were to die before the end of your policy.

You have to choose the amount of cover you need depending on your own circumstances (i.e. if you have a family, own a house, the sole breadwinner and your health). You must also consider how long you need it for and whether you will pay your premiums monthly or annually. If you die before your policy expires, your family will receive a cash sum pay out if they make a valid claim.

It is important to remember that life insurance is not a savings or investment policy, and has no real cash value unless a family member makes a valid claim.

Why do I need life insurance?

• If you’re the sole breadwinner and you have a spouse and children who rely on your earnings, it is important to ensure they have some financial support when you’re gone. This will allow them to continue paying the mortgage, rent or other day-to-day expenses.
• If you and your partner are dual earners, you may think this means life insurance is not necessary, but it is unlikely the bills will decrease when one of you dies. The costs of living will stay the same, but the income will decrease.
• If you’re a stay-at-home parent you may think it’s not necessary to invest in a life insurance policy. However, doing so ensures your partner has enough to cover childcare once you have gone.
• If you’re single it is less likely you need a life insurance policy. However, they can ensure your funeral costs are covered and your debts are payed if you die, so your loved ones do not become responsible.

How do I get life insurance?

Step 1: Consider how much cover you need:

To start with you need to consider how much cover you want, depending on a number of circumstances. For example, depend on your age, marital status and health your policy will vary in price.

Step 2: Add up

Next you add up everything you want to be covered by the policy: your debts and expenses.

Step 3: See what cover you already have

For example, if you are already employed your benefits package may cover some of the issues raised in the previous point.

Step 4: Calculate the cover you need

When you have your figures in order, you can identify how much cover you need from your life insurance policy.

Step 5: Research

Contact an insurance broker, who can offer expert advice on which life insurance policy is best for you. They will help you find the right cover for the best price.

We highly recommend that if you fall within any of the categories above you don’t wait until it’s too late, and you consider a life insurance policy!

Here at Steve Allen Insurance, we can offer the expert advice you need, and find the policy that is just right for you!

If you would like more information call us now on 0161 766 1927 , or you can visit our website www.stevealleninsurance.co.uk.