Life insurance is frequently set up when someone initially enters the housing market and obtains a mortgage to ensure that the loan will be settled in the event of their passing. However, having a mortgage isn’t the only reason to purchase life insurance; renters may also find it useful. More over 4 million Brits live in rented accommodation, which accounts for 19% of all households in the country. Life insurance could provide a cash payout to support those who depend on you financially if the worst were to happen to you.
There are two main types of life insurance, term life policies and whole-of-life policies. Term life policies cover you for a fixed amount of time. It only pays out if you die within the policy dates. Whereas whole-of-life policies pay out no matter when you die. It depends on your personal circumstances which type of policy is best for you.
Debating life insurance requires you to consider the impact of death or illness on your family, which is not always easy. Despite this, it is vital to safeguard your family and future-proof them against financial hardship. Visit our website to compare the best options available to you. You can get a free, no-obligation quote, and rest easy knowing that your family is covered.
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