life insurance and protection busy bee

Life Insurance and Protection

Life can throw some nasty and unexpected curveballs, but you can plan for this by taking out life insurance. The right policy can give your family a safety net, so they don’t have to worry about their financial situation, if something happened to you.

According to Child Bereavement UK, unfortunately around 23,600 parents with children under the age of 18 pass away every year in the UK. Wouldn’t it be a relief to know that if you passed away, your children would have the financial support they need?

If you’ve never taken out life insurance before, here’s some helpful advice to get you started.

What is life insurance?

Life insurance can protect your loved ones through financial support. Most policies are designed to pay out a cash sum, if you were to pass away during the length of the policy.

Depending on the type of protection policy you choose, it could pay out for passing away, being diagnosed with a critical illness or not being able to work due to accident or sickness.

Taking out life insurance can help you to protect your home, provide for your kids or even cover or contribute towards funeral costs. If your other half or children wouldn’t be able to financially provide for themselves without you, protection policy could make a huge difference.

It’s not the nicest of thoughts, but you wouldn’t leave your car or home uninsured, so why not financially protect your family too?

Which type of protection policy is better?

The type of protection policy you choose can depend on what you’re trying to protect. Whatever it is, you can make sure your family doesn’t suffer financially, should something happen to you. This can include passing away, illness, injury or even mental health problems.

If you want to make sure your home is protected and your family can pay off the mortgage, term insurance is your best bet. Term life insurance runs for a set length of time; such as the amount of years left on your mortgage. Mortgage life insurance can be best suited to this purpose.

You never know what’s around the corner, but you could protect your family from any financial stress caused by illness. If you were diagnosed with a critical illness, you could need additional money for things like medical bills. Critical illness cover can provide a pay-out if you are diagnosed with a pre-determined illness. Income protection could be another option if you are unable to work due to accident or sickness.

For those who are a little older and wish to take out life insurance, but struggle to find standard term life insurance, you may be suited to an Over 50’s Life Insurance policy. This type of life insurance runs until the day you pass away. This could also suit you if you’re hoping to contribute towards funeral costs.

How much does it cost?

The cost of life insurance depends on your personal circumstances, like your health and the type of policy you choose. There is no one-size-fits-all when it comes to life insurance policies.

Information like your age, weight, family medical history and any known illnesses can all have an impact on the cost of your cover. The length of your policy and pay-out amount will also make a difference.

You can try to keep your monthly premiums low by following a healthy lifestyle, including maintaining a healthy weight, not smoking and managing any conditions you may have.

How to find the right life insurance

Looking for the right life insurance to suit your needs can feel like a minefield, with so many different providers to choose from. It can be difficult to know which is the best policy for you and your family. One of the most effective ways to get the right cover at the right price is to use an insurance broker, like us.

At Busy Bee, we help compare the leading providers for you to make sure you have life cover that best protects your family. We take the time to understand your personal circumstances and make sure you understand your options before signing up to anything.

Get in touch today and let us help you protect your family today. Please note the above does not constitute as financial advice and may change dependent on individual circumstances and budgetary requirements.