Did you know that the sooner you take out life insurance, the cheaper it will be? – Susie Colley, WCHC
A life insurance policy only pays out on your death, so it’s cover which will protect the future of your family or dependants.
A good life insurance policy will be a fixed figure for the full term of the cover, and the cost is judged, in part, on your age.
It’s compulsory for mortgages to be protected by a life insurance policy which covers the cost of your borrowing, but life cover can extend beyond that too – ensuring a good quality of life for those you leave behind.
Take your time
It’s easy to be hurried into choosing a life policy during the chaos of the house-buying process but don’t be swayed by recommendations from your lender. You can take out your life insurance policy with anyone you choose, so for truly objective advice, call our team now.
Generally, you need life insurance if you have a partner, children or other members of your family who rely on you financially. Most people take out life insurance when have a mortgage or when they have children.
As with most things, the cheapest may not be best, so do consider your needs and those of your family before buying life insurance. The key areas to take into account are the size of your mortgage and other major debts; how much you earn; how much your young family will need to support themselves until they are grown up and whether they will have to pay inheritance tax if you die unexpectedly.
Life insurance is often filed away and forgotten about as soon as you buy it. But it’s a good idea to review the level of cover you have whenever a major event occurs such as getting married, having another child or buying a new – and more expensive – home. Our team are happy to offer free advice on whether your current cover is suitable.
The starting point is term assurance which pays out a lump sum should you die within the length of time you are covered for (the term). It’s up to you how long you want your cover to run and how large the lump sum will be.
Secondly, the size of the lump sum can remain the same – known as level term insurance – increase or decrease. If the main reason you are buying life insurance is to pay off your mortgage, for example, it is usual to buy cover that reduces over time. But don’t forget your family may well have other bills to pay.
Life insurance only covers death – if you can’t provide for your family because of illness or disability, you won’t be covered. You can arrange cover for these things, however – take a
look at our Critical Illness
or Income Protection
pages, or ask us about taking out a policy which includes other types of cover such as total and permanent disability or critical illness cover.
Most policies have some exclusions (things they don’t cover). For example, they may not pay out if you die due to drug or alcohol abuse, and you normally have to pay extra to be covered when you take part in risky sports.
And if you have a serious health problem when you take out the policy, your insurance may exclude any cause of death related to that illness.
" - Jamie from Devon , WCHC Customer
No-one has ever explained so compellingly the reasons why most cut-price insurance isn’t worth investing in. Susie helped me appreciate how important it is to get the right level of cover to know my family’s future is protected. She led me through the purchase process and I felt I had the best deal available on the market. Even though I asked for many rounds of requotes, I never felt any pressure to buy and she gave us the same care and attention no matter how many queries we made. First class service."
Critical Illness Cover
Want to receive a lump sum to help with costs if diagnosed with a critical illness?
Ensure peace of mind with a policy which pays out should you be unable to work
Private Medical Insurance
Access private medical care, avoid waiting lists and be seen quicker if you fall ill