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Getting married comes with a whole host of things to do. Venue. Check. Caterers. Check. Life insurance? As part of getting married and becoming a grown up, I have vowed that we will be sorting out our finances, our wills and life insurance, ready to embark on marriage together. My knowledge of life insurance extended to “we need to get that sorted” and “we need to talk to a financial advisor to get that sorted”.
Life insurance can seem confusing, and this is reflected in 55% of the UK’s adults not being covered with life insurance.
What is life insurance
Life insurance, sometimes known as life assurance, gives your family financial security should the worst happen. This helps them to cover things from mortgage payments to household bills. It is an insurance policy that pays out a lump sum in the event of your death. There are many types of life insurance policies available, including ones that are specifically designed to help pay off the mortgage. There are also extras you can add, such as critical illness cover, which will pay out for specific critical illnesses – to help ease the pressure of financial commitments. You can tailor the life insurance policy to suit your needs – from mortgage only cover to much more extensive cover. Premiums are affordable and can be paid monthly.
This tongue in cheek video, created by Beagle Street, explains how financial advisors are facing extinction, as more and more people are able to get the answers they need and find suitable products themselves. Beagle Street give you all the tools to search for life insurance to meet your needs, and you could be covered in just ten minutes.
Whilst death isn’t a topic I want to think about regularly, I do understand the importance of getting life insurance cover, especially as we embark on becoming a family and making large purchases, such as a mortgaged house.
Rachel says
It is still advisable to get advice on cover for those in the military or emergency services so that they can be sure they are covered for ‘in service’ deaths. Also presumably for anyone involved in extreme sports or things like motor racing – some insurances may not cover when the cause is an activity carrying a risk. We used an insurance agent who got us good deals specifically on military appropriate house contents (including kit hubby takes away with him) and life insurance suitable for both of us and actually produced wills for us as part of their service too at no extra charge.