Cover your mortgage
The most common reason for buying life insurance will be to cover a mortgage debt as it is required by the lenders. But our needs change as life develops; after getting married or becoming a parent you need to consider your family income requirements, not just to pay the mortgage but also to maintain your standard of living. If one of you dies there is enough trauma without having to worry about money too.
Stay at home parents
We all understand the need to insure the main breadwinner, but the house work cannot do itself, and the ability to be mum and dad whilst holding a full time job is at best expensive and most likely impossible. So if you are considering insuring the person who brings home the bacon make sure you think about the person who cooks it too!
Buying off the shelf
We worry about customers who buy a ‘one size fits all’ policy from the bank or supermarket. There are so many complexities with these policies that they should be given proper consideration and you need advice such as whether to take a joint or individual policy. Also it’s essential that full medical disclosure is requested, otherwise the provider has an easy get out clause when it come to claiming.
Life cover gets more expensive with every birthday so it makes sense to buy your policy when you are young, unfortunately for most people it’s only when things start to go wrong that we realise that none of us are invincible.