Protect your loved ones financially if you are not around.
Are you the sole or main breadwinner in your family? How would your family cope in the event of your death? Could they continue to pay the mortgage and all the bills?
Life insurance is similar to other insurances you may have. You pay a premium to the provider who provides you with an agreed level of cover then, if you die whilst the plan is in force, the provider will pay the agreed sum assured to either the named beneficiaries of the plan or your estate.
It is designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.
At IWP, we know that providing a safety net can really make big difference and look after your loved ones if you weren’t here anymore. We can tailor a solution that gives you peace of mind should the worst happen.
The amount of money paid out depends on the level of cover you buy. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.
There are two main types of life insurance:
1) Term life insurance policies: run for a fixed period of time (known as the ‘term’ of your policy) – such as 5, 10 or 25 years. These kinds of policies only pay out if you die during the policy. There’s no lump sum payable at the end of the policy term.
2) A whole-of-life policy: will pay out no matter when you die, as long as you keep up with your premium payments.
Do you need life insurance?
If you have:
– dependants, e.g. school age children
– a partner who relies on your income, or
– a family living in a house with a mortgage that you pay – a life insurance policy can provide for them if you die.
– You might also want a policy which covers your funeral expenses.
If you want to provide for your family financially if you die, think about getting life insurance.
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