Life Insurance

Having peace of mind that your loved ones will be financially secure after your death is important. Life insurance can provide a safety net for your family, allowing them to stay in their home and cover the expenses you planned together for the long-term.


At Freedom Advice, we have the experience and knowledge to provide life insurance advice that is tailored to your current financial situation, circumstances, and income.


What is Life Insurance?

Life insurance, or life cover, is an insurance policy that helps to protect your loved ones financially upon your death. Life insurance can’t replace you, but it can minimize the financial impact on your loved ones who rely on your income and financial support.


Most life insurance policies pay out a lump sum to your beneficiaries after your death, but some allow you to set it up so that payments are made regularly.


The amount of money paid out generally depends on the level of cover you opt for, and how long you need to be covered for. Other considerations include:


  • Whether the policy covers specific payments such as mortgages
  • Whether you need joint or single life insurance policies


What are the Different Types of Life Insurance?


There are two main types of life insurance and cover:


  • Term Life Insurance: This is the most popular type of life insurance and is slightly more affordable. Term life insurance provides coverage for a fixed period of time (term) and only pays out if you die within that time frame.
  • Whole Life Insurance: This type of policy provides lifelong coverage, which means it will pay out no matter when you die, as long as you have kept up with your payments.


Within both types of life insurance policies, there are variants of both. Contact us to discuss the types of policies and get expert life insurance advice.

What Does Life Insurance Cover, or Not Cover?


In general, life insurance usually only covers death. Most life insurance policies have strict lists of exclusions, which are things they don’t cover. For example, most life insurances won’t cover if you can’t provide for your family due to illnesses or disabilities. They also might not cover you if your death is alcohol or drug misuse related, or if you take part in dangerous sports.


If you have a critical illness when you take out the policy, your life insurance may exclude any death related to that illness. There are other insurance policies specifically designed for if you are diagnosed with a terminal illness.

Do You Need Life Insurance?


To decide if you need life insurance, it is important to assess your individual situation. If you live with or support anyone else financially, it is highly recommended that you obtain life insurance. Ultimately, it is about assessing if your family members could manage financially if you were no longer around.


One of the most obvious reasons to get life insurance is if you have a child/children. However, if you have a partner or a family member that you live with and share mortgage or bill payments with, you should also consider getting life insurance. In particular, if that person would struggle to pay for the mortgage if you were to die.


To assess this, you will need to look at how much money you currently need and how much your family pay for day-to-day living expenses, childcare, and bill payments. If your children no longer live at home and are no longer reliant on you financially, life insurance may not be as much of a priority as it is for those with younger families or new homeowners.


However, life insurance is an important consideration for people with any financial responsibility.


At Freedom Advice, our expert life insurance advice can help you establish the best life insurance policy that ensures protection for you and your family in the case of your death. We’ll look at your unique circumstances and situation and work out what you need to do.


We can provide you with various options for life insurance policies that suit your needs and budget. Our team of experts can work with you to determine the right coverage amount, policy length, and other important details that will give you and your family peace of mind.


In addition to life insurance, we also offer other financial protection services, such as income protection insurance. This type of insurance provides regular payments if you are unable to work due to an injury. Our team can help you assess your needs and determine which types of coverage are best for you.


Don’t wait until it’s too late to protect your family’s financial future.


Contact us today to learn more about life insurance and other financial protection services we offer at Freedom Advice.