Welcome to myLifeInsurance Guide
Basics for life insurance policy and why you need it
If you are the main provider in a family and you do not have a life policy in place, should you die early, your family are likely to be left with a huge financial burden. A life insurance plan allows you to make certain, the financial future of your family, even if the worst happens. If you die, your policy will pay out a lump sum or income to your dependants. This money may be used to pay for funeral expenses, pay off debts, such as the mortgage or provide for the future.
A life insurance policy may offer additional benefits to straightforward financial protection. It may also act as an investment and be counted as an asset. Life cover can range from a very cheap fixed term plan that will pay out enough to sustain the remaining dependant’s lifestyle; to more expensive plans that provide cover for whole of life, offer extra tax benefits or will act to provide funds for your dependants education, wedding and so on. A policy may have optional extras such as waiver of premium, which will pay your premium and keep your policy in force should you become unable to work due to illness or an accident. Another add-on or stand alone policy is critical illness cover, which will extend your cover to include a pay out should you develop a serious illness such a cancer, multiple sclerosis or a heart attack
Life insurance is available to suit many circumstances. The type of plan you choose will depend on your income, number of dependants and requirements. Please browse our site to find up to date information on the types of polices available and advice on how to choose the right policy for you.