Life insurance is to make sure that your dependents, family, friends and loved ones are protected in the event of you passing away. As it is a personal policy, you pay your insurance as an individual, through your personal bank account.

Life insurance pays out either a lump sum or regular payments on your death. You decide how it’s paid out and whether it will cover specific payments – such as mortgage or rent – or if it’s to leave your family with an inheritance.

There are three kinds of life policy:

Level – pays as a lump sum if you die within the agreed term. The level of cover stays the same throughout. This is the most simple and affordable option.

Decreasing – the level of cover reduces each year. It’s designed to be used with repayment mortgages, where the outstanding loan decreases over time.

Increasing – the level of cover rises over the term of the policy, to keep up with inflation.

The cost of life insurance varies, depending on the type, level and amount of cover you require.

Your payments will depend on things such as:

your age

your health

your lifestyle

whether you smoke

your family medical history

the length of the policy

At Protection Experts, we find the best policy that fits your needs and can make sure the level of cover you require is in budget. Contact us today for a free consultation.

If you have loved ones in your life that rely on your income, such as a partner or relatives, it is highly recommended that you take out a life insurance policy. Your life insurance policy can work to replace your financial contributions to their life or to ensure that your debts don't fall onto your loved ones.