Essentially, Life Insurance is a policy designed to pay out a lump sum of money should the policy holder pass away. It is usually put in place to protect your family’s future and give you and them peace of mind that they are going to be taken care of, should the worst happen to you.
Under the life insurance umbrella are many different types of policies and benefits that may or may not be suitable for you. Things like decreasing or level cover, terminal illness cover and global health benefit can make it very confusing and put people off. However, we regard life insurance as the staple in anyone’s protection package.
If you have financial dependents, then life insurance is a must. However, life insurance is for anyone that wants to leave behind a lump sum of cash after they have gone. Primarily it is used to pay off a mortgage, but can also be used for anything else like replacing income, leaving an inheritance to children etc.
Life insurance is a key financial product that many don’t put in place. Working out what type of policy you need isn’t the most straight forward thing and many people that revert to comparison websites end up with ineffective cover.
Getting actual advice is vital when taking out any protection policy. There are so many different things to consider, such as the type of policy you want, your budget, how much you want to leave behind plus your medical history.
We will carry out a full review of your circumstances, including any existing policies. We will then search the market for a policy designed to meet your needs within your budget and make a recommendation. We will then take care of everything for you, from the application to the underwriting and any medical reports if necessary.
Here are our 3 most commonly asked questions around protection.
No, no mortgage lenders have made life insurance compulsory when you get a mortgage. However, it is highly recommended if you have a family and want to relieve any financial burden on them if you were to pass away.
There is no set cost for this type of insurance as it’s based on your individual circumstances and needs. Things like your medical history, height and weight and smoker status get taken into consideration when insurers give you a quote.
Like any insurance product, protection products won’t pay out if you didn’t disclose vital information when you initially made the application, or for fraud. Other than this, if the claim is for something covered under the policy conditions, it should pay out.
So that we can identify your options and the best next steps to take, have a free, no obligation chat with us. We will learn about and you and your circumstances in order to develop a bespoke plan of action.
As the mighty Oak Tree represents longevity, strength & stability, we specialise in forging long term relationships with our clients based on trust and honesty, to build solid foundations for their future.
Oak FS Ltd trading as Oak Financial is registered with the Data Protection Act 1998 Registration Number ZB473115 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 1015779 and are an Appointed Representative of TMG Direct Limited which is authorised & regulated by the Financial Conduct Authority under Firm Reference Number 786245 and registered with the Data Protection Act 1998 Registration Number: ZA178200.
Think carefully before securing debts against your home. Your home may be repossess if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
