3 core life insurance policies you need to know about
Life insurance can feel overwhelming if you don’t know much about it. But that’s why we’re here.
We will talk you through your options, summarising what cover is available to you, creating a list of policies that are best suited to your needs, wants and affordability. Before we dive into the core 3 types of life insurance policies on the market, if you just want to get started with your own life insurance policy, you can get your quote by clicking the button below.
Income protection
This type of cover acts like a replacement wage if you weren’t able to work as normal due to sickness or injury.
The regular monthly payments from your income protection policy could help you pay for the essentials, if you were sick or injured and unable to do your job as normal. Your regular payments would generally be based on 50-70% of your monthly wage and will continue until you’re ready to return to work, with your policy typically covering you until you reach retirement age.
This type of cover acts as a helping hand and can help you and your loved ones afford the basics in life, such as:
- The weekly food shop
- Council tax
- Your gas and electricity bills
- Rent or mortgage payments
- Childcare costs
- Vets bills
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Money for any emergencies that may pop up
The above are just a few ways you could utilise the money from your income protection payments. You can find out an estimate of how much your cover could cost by using our income protection calculator. In just 3 simple steps, you can find out how much your monthly premiums could be.
Critical illness cover
With the statistics getting scarier by the day, the tax free lump sum you would receive from your critical illness policy could provide you and your loved ones with some long term financial security.
The amount of cover you can get is typically based on one or two years of your annual salary. If you were diagnosed with a critical illness, as specified in your terms and conditions, then you’ll be able to make a claim on your cover.
With the pay-out from your critical illness policy, your family wouldn’t have to worry about paying the mortgage, household bills, and affording the basics. Meaning you can take time off to relax and focus on your recovery without any added stresses about how your loved ones would get by in this scenario. If you’re interested in finding out an estimate of how much your critical illness policy for yourself could cost then try our calculator by clicking the button below.
Level life insurance
Even if you don’t know much about life insurance, the one type of cover you probably will have heard of is a level term life insurance policy.
A level life insurance policy is one of the most simple forms of financial protection and could offer financial stability for your loved ones by paying out a tax-free lump sum payment if you were to pass away.
Your life cover will provide you and your family with peace of mind, knowing that if the worst were to happen then your loved ones would be taken care of with the tax free pay-out from your life insurance policy.
How Caspian help
When we help you take out any kind of life insurance policy, our process is simple.
We look at your current circumstances, have a little chat with you about what you’re looking for, then search through the UK’s leading life insurance providers to find the policy best suited to your needs and affordability.
Sounds too good to be true? (Well, it’s not!) Our service is always free, you won’t be charged for anything you ever need us for and our customer service is at your disposal for the duration of your cover length. Plus, if the worst case scenario happened and you needed to make a claim, we even have a dedicated claims team to help you or your loved ones navigate this difficult time.
