Life Insurance

Life Insurance

Protect your family financially if the worst was to happen

Life insurance is a type of protection policy that could help your family financially in the unfortunate event that the worst was to happen.

Life insurance policies are often used to cover a number of areas such as covering the existing mortgage and leaving a lump sum behind for your loved ones.

So, what exactly is life insurance?

Life insurance is a type of insurance policy which gets paid out if the individual on the policy passes away. The amount of cover will be decided when the policy is set up and will be catered to your circumstances.

A payout from a policy could make the difference between your family struggling financially during a difficult time to being able to maintain the sort of lifestyle they enjoy with no pressure to return back to work quickly.

What can a life insurance payout be used for?

A life insurance policy payout can be used to:

• Pay off your mortgage
• Your partner can take extended time off work
• Day to day household bills and expenses
• Children’s education and childcare
• Move house
• A holiday for your family

How much does life insurance cost?

The cost of life insurance will depend on your personal circumstances, the amount of cover and how long you would like the policy to run for.

Factors that will affect your life insurance: age, smoker status, the amount you’re looking to be paid out, how long the policy will run for, medical history, family history.

For a price example, a healthy non-smoker aged 30 who wishes to have a 25 year term policy with a lump sum payout of £100,000 would cost £5.45 per month.

The price costs less than 2 coffees at Costa Coffee or Starbucks* and could make a big difference for your family if something was to happen to you.

Should you review your life insurance policy regularly?

If you already have an existing life insurance policy, it’s best to review your life insurance policy when your circumstances change. 

Circumstances changes could be:

• Moving to a new house
• Moved to house with a larger mortgage
• Had a child or more children
• Got married, a new partner or divorced

This is to ensure that your life insurance policy meets your individual needs. For example, you may have taken out your life insurance policy when you purchased your first house and had no children.

Fast forward a few years and you may have moved to a bigger house and now have a little one. Your life insurance policy may not be adequate for your current needs and may lead to a shortfall in cover or may not be enough to leave your child a lump sum for the future. 

At Amplo Insurance, we offer an initial no-obligation free review of your existing policies, checking that your current policy meets your needs. If we believe that your policy is suited to purpose, we will let you know and make no changes to your existing policies. 

*28th July 2023, Costa Coffee Black Americano costs £3.50 and Starbucks Latte costs £4.55. 

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