You’re working hard to build a life that you and your loved ones can enjoy for years to come. And while nobody wants to think about the worst that could happen, it’s also important to protect those around you if you’re suddenly unable to work or pass away.
The good news is that – just like protecting your house or your car – you can still get covered without overpaying. That’s where we come in – our experts look across our panel of life insurers to find the best fitting policy for your needs. You can click below to get started.
And if you’re not even sure what is life insurance, whether you need income protection or full life term cover – or what any of this means – read on. You’ll be well on your way to getting the ultimate gift for your family: peace of mind.
So, is life insurance just about paying my partner or kids money if I die?
It’s easy to think that, but it’s only a small part of what life insurance actually provides. It gives you a level of protection and peace of mind for you and your loved ones if you were suddenly unable to support them due to illness, injury or death.
Again, you don’t want to think about serious illnesses or accidents, but life insurance can cover this. There are four main types of life insurance, which can be taken out separately or bundled together, with the exception of income protection, which must always be taken out separately.
- Life insurance: Pays a beneficiary, such as your partner or kids, if you were to pass away
- Total and permanent disability (TPD) insurance: Pays you if you can’t work again due to permanent illness or injury
- Trauma insurance: Pays you if you are diagnosed with a certain illness or injury
- Income protection insurance: Pays you a percentage of your income if you are temporarily unable to work (although doesn’t cover redundancy)
But my finances are tight. Is life insurance really worth it?
It depends on your individual circumstances, so let’s look at the benefits and why you might need it.
Emotionally, it provides peace of mind that you and your loved ones will have a level of financial stability if the worst happens, and cover doesn’t have to be expensive.
It’s also important to consider if you could cover your living expenses in a worst-case scenario. Could your partner still afford to pay the mortgage or school fees, if you pass away for example? What about day-to-day expenses if you’re suddenly too ill to work?
If you’re young, debt-free and have no dependents, life insurance probably won’t be worth it right now. But as your circumstances change and you get married, have kids, or buy a house, then it’s worth considering.
Just as you know you can get back on the road if you crash your car, or can get items replaced if your house is burgled, life insurance is that peace of mind knowing your family won’t have to stress about money if you’re no longer around.
And just like other types of insurance, it pays to regularly compare. Your life needs change as you get older, so it’s important to make sure your policy has adapted with you.
It’s why our experts at Life Insurance Comparison are committed to helping you find affordable and suitable cover, so you’re never paying more than you have to.
Ok, I understand now. So how do I buy life insurance?
You’re in the right place. Click on the map below to start comparing policies before speaking to one of our experts.
Yes, we know you’ll have to spend a bit of time speaking to somebody, but it’s worth it. We know everybody’s life is different and because we’re totally independent, our team can take the time to understand your circumstances and find a policy for your needs.
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Life insurance is a smart investment that protects your loved ones when you can’t. Chat with us today and explore your options.
*This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.