Life Insurance - why do I need it?
You may want Life Insurance for example, to provide financial
protection for the family or to cover the payment of an Interest Only
Mortgage.
There is no UK law that says you must have Life Insurance,
but many people do consider it an important kind of protection insurance.
It provides financial peace of mind. Many people simply want it to help
provide a tax-free lump sum for their family if they were to die.
Another very common use is in association with a Mortgage.
Taking out life insurance ensures that you can be certain that your mortgage
will be completed paid off if you die during the term
of the policy. Usually it will be a condition of the mortgage lender that
you take out Life Insurance to cover a mortgage.
If you do not have dependants, you may feel that it is better
to take out Critical Illness Cover. That way you benefit from the cover
yourself if you are unable to work through illness or injury.
If you do have a family you may want to insure against critical
illness as well as taking out Life Insurance, so that the mortgage is
paid off or a lump sum is provided if you are ill and unable to work.
Other relevant questions…
What are
the benefits of Critical Illness Insurance?
Life insurance quotes
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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