Life Insurance Advice | Cross Point Financial

Life Insurance is a policy taken out to protect your loved ones financially should you pass away. It is sometimes known as Life Assurance, and there are a few different types for different circumstances. At Cross Point Financial, we can offer comprehensive life insurance advice to help you make the right decision.

Do I Need Life Insurance?

Of course, money can never replace a loved one. Life insurance can, however, help ease the burden that bereavement can bring. It can allow your partner to pay off your mortgage, or provide an income to cover regular household expenditure while things are handled.

For many, life insurance is considered a luxury, but this is simply not the case. In fact, it is a vital part of planning for the future and supporting your loved ones when you are gone.

Types of Life Insurance

Depending on various factors, there are a few options when it comes to life insurance. One of the main differences between life insurance policies is whether it pays out in a lump sum, or in multiple payments.

  • Term Insurance - One of the most straightforward types of Life Insurance, you choose how long the cover lasts (‘the term’) and the policy will pay out if you pass away before the term ends. You and your partner can also take out cover together, but the policy will only pay out for the first death during the term. There are a few different types of term policy available depending on your specific circumstances.

  • Family Income Benefit Insurance -  These policies are similar to Term Insurance, but rather than paying out a lump sum, they will pay out a regular income instead. This might be more suitable in cases where the aim is to provide ongoing support for your family.

  • Whole of Life Insurance -  This type of policy will pay out a lump some when you die, no matter when that is, as long as you are still paying your premiums up until then. There is no fixed term for this kind of policy, which can be preferable in some instances.

How Much Life Insurance Do I need?

The amount you take out on your policy will depend on a number of factors. You should consider what the needs of your dependents will be once you are gone. At Cross Point, we can offer life assurance advice and help you decide how much you need.

For more information, or to discuss your life insurance needs, call Andy on 07976 513630, or use our online contact form.

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