Life Insurance is a useful product; it provides financial relief for grieving families in their time of need. However, many people are not aware of how the pay-out from a Life Insurance policy can be used.
A typical family in the UK would most likely have purchased their home using a mortgage; they may have a car purchased with credit, along with a range of other small to medium debts and financial commitments.
A Life Insurance pay-out can be used for almost anything, from paying off the mortgage which secures the family home and removing the stress associated with potentially losing the house or having to downsize, to clearing store / credit card debts.
For example, a cover amount of £250,000 could be used to clear any outstanding debts, pay off the mortgage and provide an income for your dependants. Some couples even raise their cover amount to factor in costs associated with sending children to university in the future. You could even use the money to pay for your own funeral – amazing but true.
At Approved Life we feel it’s important to let you know what options are available to you. That’s why we take the time to find out what you’ll need to pay for if your partner or main breadwinner dies.
We guide you through every step and explain all the policy points to leave you assured that your purchase is the right one for you.
We can even put your policy in trust for FREE. (A policy in trust will pay-out within 30 days, whereas policies not in trust can take up to 6 months to pay out – we feel that’s far too long for a grieving family to wait. A policy in trust could also save your pay-out from inheritance tax).
As well as Life Insurance, we offer Private Medical, Critical Illness and Income Protection Insurance.
Discuss your options and requirements today with Approved Life – visit us at www.approvedlife.co.uk or call 0800 002 9479 and speak to one of our friendly UK based insurance agents.