Life Insurance | Annuites Plans
What is life insurance?
Life Insurance can help with the financial impact that your death could have on your loved ones. If you die or are diagnosed with a terminal illness during the length of the policy, it could pay out a cash sum.
Why do I need it?
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If you have dependants or a partner who relies on your income, it’s important to make sure they’re taken care of.
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If you have a mortgage, life insurance can help your loved ones meet those financial commitments.
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You might want to consider a policy that covers funeral expenses, to ease the cost for your family'
Life insurance isn’t a legal requirement, but it could give your dependents financial stability when you die.
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How does life insurance work?
Life insurance pays out a lump sum if you die. With some policies, a payout is made if you’re diagnosed with a terminal illness with a life expectancy of less than 12 months too.
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You decide how long you want to be covered for, how much you want paid out, and who to, when you take out a policy.
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Do I need life insurance?
It’s common to decide you need life insurance after a big life moment. Things like getting married, buying a house with a mortgage, or starting a family.
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It can cover any outstanding financial commitments you have - like your mortgage or loan repayments - so your family won’t be left with payments they can’t afford after you’re gone.
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You have a few choices to make before you buy a life insurance policy.
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For example, do you want the insurer to pay a set balance when you die regardless of how long you’ve held the policy for? Alternatively, would you prefer the insurer to decrease the value of cover as the policy gets older in line with your outstanding debts?
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The policy you pick depends very much on your circumstances.
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What are annuity plans and how do they work
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Annuity or pension plans can be bought at any time in your life. Some people choose to buy it when they are close to their retirement age, while some people prefer it during their mid-career who wish to secure their assets. In insurance, some products help you accumulate a corpus with which you can buy an annuity later, but if you have a ready corpus, you can buy annuity immediately. These are called deferred and immediate annuities, respectively.
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Give us a call to schedule a meeting and receive a no-obligation quote today.
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