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Life insurance is something we tend to sweep under the rug. We all see the adverts on TV and the flyers inside magazines yet some of us still choose to ignore the importance of having the right life insurance. We understand that your family comes first, which makes having the right cover extremely important, especially as nobody knows what the future holds. Making sure that you and your loved ones are protected if anything was to happen is important in gaining peace of mind for both you and your family. Finding the right life insurance can be a challenge, however, you can’t put a price on family life. Understanding which life insurance suits you and how you can benefit from it, is the key to securing the life insurance that suits your lifestyle putting your mind at ease.

The Insurance Breakdown

Knowing where to start when it comes to understanding which life insurance will suit you can be difficult. However, with the right guidance and a little understanding of knowing what you need, life insurance can come with ease. Three of the main life insurance policy contenders are Level Term Insurance, Increasing Term Insurance and Decreasing Term insurance.

Level Term Insurance

Level Term Insurance is the most popular type of life insurance in the market. Level Term Insurance is the ideal option if you are looking for a set amount of cover for a certain period. If you pass away during the set term of the Level Term policy, the insurer will pay out a lump sum as agreed at the commencement of the policy. Level term life insurance is not just for debts but mortgages too. If you want to leave a certain amount of money for your family to help them cope financially during the most difficult of times, Level Term Insurance is one of the best policies to choose.

Increasing Term Insurance

Another popular life insurance policy currently on the market is Increasing Term Insurance. Increasing Term life insurance is an insurance policy that increases the death benefit each year during the term; as the death benefit increases, so does the premium. This is done to protect against inflation over a long period of time and generally will be linked to the Retail Price Index. Increasing Term Insurance could be an advantage to you if you’re looking to help maintain your loved ones’ living standards, pay your children’s school or University fees.

Decreasing Term Insurance

Lastly is Decreasing Term Insurance or, as it is sometimes referred to, Mortgage Protection.  In the event of you passing away, the insurer will pay out the calculated amount to enable the balance of your mortgage to be paid off. With a Decreasing Term policy, you are only paying for the cover you need, such as the outstanding debt you have. Decreasing Terms life insurance is great for those on with a smaller budget as the monthly payments are lower than those you are likely to pay with policies like Level Term.

How Insurance Can Benefit You

One of the main reasons why most people take out life insurance policies is to make sure that their family can keep up with things like financial stability, funeral costs and mortgage repayments in the unfortunate event of their death. Life insurance is generally a great way of knowing that those who depend on you, whether they be children or partners, are protected if the worst was to happen.

There are lots of benefits of having the right life insurance aside from the obvious. Life insurance can seriously support your family’s future and changes that come with an expense, including college and University fees and debt payment. Another great benefit of insurance is how you can build cash value. This might sound complicated but by building a cash value on your insurance, you can use it to fund many purchases down the road, such as paying off debt, buying a home, investing in real estate, or simply living off the dividends.

Most importantly, life insurance gives you real peace of mind. If you’re not left worrying about the safety of your family’s future, you can make everyday life stress-free, making sleeping at night a little easier knowing that your family is safe. Simply by having the knowledge that your life insurance is right for you, you can enjoy the here and now without worrying about the uncertainty of you or your family’s future. It is also incredibly worth noting that most policies are now relatively flexible to your individual needs, meaning that finding a policy that suits you and your family is simple and straightforward, if you have unbiased and honest guidance by your side.

At Protectus Healthcare, we understand the importance of keeping your family safe and sound, that’s why we tailor all our insurance policies to suit the needs of your unique situation. Get in touch or go online to see how we can help your family stay secure for the future.