One in four breadwinners don't have life insurance leaving their families with a cover gap of £263 billion*
- £8.5 million adults with dependents do not have life cover in place*
- Without cover families may struggle with finances after a family death
- Just 45 per cent of male and 38 per cent of female breadwinners have cover*
- Life insurance policies start from £6 per month for a 25-year old
We all live increasingly busy lives and whilst we all like to protect our loved ones from financial worries we often put off taking out life insurance because of the myth that life insurance is hard to get or that the insures never pay out.
Life insurance is a lot easier than you think and here at Inspired Protect we can normally arrange full cover to protect a mortgage, family or both with completion of a simple application which realistically takes about 15minutes.
There are many different types of life insurance
- Level term assurance
Level term cover will provide a fixed guaranteed sun assured that will pay out the same amount at day one, as well as at any time within the policy term.
- Decreasing term assurance
Decreasing term cover will have a decreasing guaranteed sum assured over the term of the policy and are usually associated with a repayment mortgage.
- Family income benefit
Family income benefit is a type of life insurance over a set term. If you die within this period, the policy pays out a regular tax-free income until the end of the term.
- Critical Illness Cover
Critical Illness cover is an insurance product which pays out a lump sum if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.
- Whole of life
Whole of life is a policy that will provide a sum assured until the insured passes away. This type of policy can be more expensive as there is no end date and it is guaranteed to pay out on any subsequent claim
- Over 50’s
An over 50's life insurance policy is available if you are aged between 50 and 80. The major benefit of this type of policy is that they offer guaranteed acceptance - there are no medical checks.
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* According to the Association of British Insurers