Life insurance is a policy you take out that’s designed to pay out a lump sum when you die. This could be to a partner or to children who are financially dependent on you. There are three main types of life insurance policies (as well as investment type life assurance plans):
Level term life insurance – pays out an agreed amount if you die during a set time.
Mortgage decreasing-term life insurance – pays off your outstanding mortgage.
Whole of life insurance – the policy is mainly about mitigating inheritance tax costs.
If you have a family, you need life insurance to protect your family from inheriting your debts and outstanding mortgage payments.
The unfortunate truth is, thousands of grieving Brits are left facing dire financial consequences if they do not have the correct type of life cover.
1 in 3 people in the UK are left in debt, forced to rely on savings, sell possessions or borrow money from family or friends as a result of their partners or parents not having the right amount of life cover.
It’s a fact that people with an up to date life insurance policy are better able to cope with the financial and practical impact of losing a partner.
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Most families believe life insurance is an expensive product and that you need to pay for a financial adviser. The great news is that you can now get a policy with very high cover for as little as £10 per month*.
Sites such as Cover Magpie provide a fantastic service that enables users to get free life insurance quotes. Customers have reported qualifying for a £220,880 payout for only ten pounds a month. Most are shocked at just how affordable the rates are, but the truth is, premiums have dropped significantly for life insurance policies compared to the past.
The current system works so well that you will be able to compare different options in as little as a few minutes. It’s no wonder why so many people are saving money since you are now able to use this simple site rather than spending weeks trying to contact and compare options with various life insurance providers.
Step 2: Answer a few questions and compare quotes from the UK’s Top Providers.