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Types of Life Insurance Cover

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Life insurance, sometimes known as life cover or life assurance, is a financial lifeline for your loved ones should the unthinkable happen. It is key to understand what the right life insurance policy is for you, and to make sure that you have control over your cover. At Caspian Insurance, our expert team can do the hard work for you in finding and comparing the best life insurance policies for your individual needs. 

What is life insurance?

Life insurance cover is a type of policy that will pay out a lump sum or regular instalments of money to your loved ones, should you become ill or pass away during the contracted term. It allows your family to deal with any financial worries, should the worst happen. 

There are a number of types of life insurance cover, with each type having its own benefits for your family. By understanding the different policies available to you, you are able to make an informed decision and invest in the most suitable life insurance policy for you and your loved ones.

The types of life insurance can include; level term life insurance, mortgage life insurance, critical illness cover and whole of life insurance, including others. These can be instrumental in providing financial security for your family. 

How does life insurance work?

If you take out a life insurance policy, you usually pay a monthly premium although some insurers allow annual premiums. The amount you pay for your life insurance cover can depend on a number of factors, including age, health, amount of cover and contract length. 

If you take out level term insurance, your cover is fixed and remains the same. Other types of life insurance cover could result in the amount reducing over time, such as a mortgage life insurance.

If you were to pass away during the contract term, your life insurance policy will pay out money to your family, usually in the form of a lump sum or instalments. The amount of money paid out will depend on the level of cover you buy. These pay-outs can help relieve the burden of any monetary issues or bills. 

With most life insurance covers, you will have control over the policy and can decide the length of the cover, the amount and who will receive the pay-out.

Do I need life insurance?

Life insurance is designed to deliver some financial help to your family, and dampen the impact of a death in the family. Anyone can take out a life insurance policy, but there are some factors that may encourage you to take out cover sooner rather than later. 

You may consider life insurance cover if you have family members who rely on your income, such as a partner or children. A life insurance pay-out can help to provide for your children as they grow up if they can no longer rely on your income. If you have bought a new home, life insurance cover can help your partner or family to pay off the mortgage.

Other reasons for taking out life insurance could be to cover the cost of your funeral, if the worst were to happen.

Reasons to choose life insurance:

Choosing life insurance cover can seem like a daunting task. At Caspian Insurance, we take the time to understand your needs, in order to advise on the best insurance policy for your situation and your budget. 

The right life insurance cover could help to replace your monthly income, in order to help your family with everyday living expenses. It might also cover any medical bills, pay off debts and help with any estate-related matters.

It does not matter whether you are young or old, single or married; life insurance cover can bring you peace of mind and provide protection for the uncertainties in life.

 

Please note that the descriptions above do not constitute as financial advice and may change dependent on individual circumstances and budgetary requirements. For a quick and easy comparison, get in touch on 0161 241 6146 and one of our friendly advisors will be able to help.

Why Choose Caspian Insurance?

Save Time & Money

With a helping hand along the way, we search the market for you to secure the right policy at affordable prices.

Expertise

Our extensive industry knowledge means we can provide you with the best policy options for your life protection.

UK Based Advisors

No call centres, no jargon. Just a team of experienced advisors dedicated to providing a customer centric approach.

Tailored Policy

With a custom-made policy, you will be confident in the knowledge that your loved ones will be taken care of in the worst-case scenario.

Free Trust Service

Receive specialist support and guidance via our free trust service for a clear understanding of how different policies work.

Exclusive Broker Benefits

We do the hard work for you to ease the underwriting process and compare a wide range of insurers in line with your best interests.

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