What is it?
Life insurance pays out a lump sum to a beneficiary such as a spouse or partner if you die during the term of the policy. It can protect your dependants against financial hardship by replacing lost income and/or clearing financial debts.
You cannot predict what is going to happen from one day to the next but you can prepare for it. Having the facts to hand means you can make an informed decision on what life insurance you and your family need.
There are several types of Life Cover:
- Level Benefit term cover
- Increasing Benefit term cover
- Term cover with conversion option
- Whole of Life cover
- Income on death
- Section 72 Cover: Inheritance Tax Planning.
These are just a few different types of Life Cover. You can set up your life cover to pay a lump sum amount, a monthly income amount or both.
You can also attach Critical Illness to a life policy that can be accelerated or independent.
Why you may need it?
You may need life insurance if:
- Your family or others rely on you for financial or other support – for example, they rely on you for your salary, or the work you do in the home or family business
- You have any loans or debts that your family could not pay if you died. Bear in mind you may already have mortgage protection insurance for your mortgage
- You act as a guarantor on a mortgage for someone.
If you have a young family, you will need more life cover than if your children are older, because the benefit will have to last longer. You need to consider buying enough insurance to:
- Give your family an income for as long as they need it
- Pay off your loans or mortgage (you may already have mortgage protection for your mortgage)
- Cover bigger costs that might arise in the future, such as college expenses for your children.
How Rockcourt can help you?
1. We believe in giving you choice and control over the way in which your policy will perform. Our team can structure a Protection plan to protect your family financially if you die or become seriously ill during that period. As we are familiar with all the different types of Life cover, we can tailor a policy that suits you.
2. As an insurance intermediary we have an agency with all the insurance companies (below). We can provide a fair analysis of the market on your behalf enabling us to find you the greatest level of benefit for the lowest cost.
3. Our quotes are the same, and usually better, than going direct. Several insurance companies will have various deals and promotions at different times; we can always price match the cheapest quote on the market to attain these deals at the lowest price.