Life insurance - who needs it?
Author: Dot Piper
Do you really need life insurance? Without a doubt this is an invaluable form of insurance for many people, but we suggest you take some time to assess your own situation. (medical insurance)
Should you die, what will become of your nearest and dearest? Would your spouse be able to handle the mortgage payments, support the family and ensure that the children are brought up as you had planned? If this is the situation and no provision has been made then obviously we have a case for good, well planned life assurance .
Quite simply, life assurance is a policy which you purchase from an insurance company that would pay out an amount of money, either by lump sum or a cheap secured loans series of smaller sums on your death. There is a wide variation in policies but basically that sums up the general idea. Having the correct, carefully considered and comprehensive life assurance plan in place offers peace of mind to you and your family.
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Life assurance is something which most mortgage companies will require you to have in place so that the mortgage is covered on your death. The most common choice of policy is a remortgages mortgage term assurance and this is normally linked to a repayment mortgage, where the premiums reduce in line with the reduction in the balance owing.
Level term assurance is normally used in conjunction medical insurance with an interest-only mortgage, or it can be used to simply supply family protection. Both the premium and the sum covered remain constant through the term of the mortgage.
(medical insurance)
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