Life insurance: Why it’s important and how to get the best deal
In this article from Terry Blackburn – life insurance broker, Bespoke Financial discusses the importance of life insurance and how to make sure you’re always getting the best deal.
Nobody really wants to plan for the end of their life, but it’s a necessary step to make sure that your loved ones are taken care of if the worst should happen. And, as we’re in the midst of a pandemic that is riskier for older people, there’s never been a better time to review your options.
Here, I’m going to look at why life insurance is so vital, as well as providing advice for securing the best deal for you.
Why do you need life insurance?
As you get older and build a nice life for yourself and your loved ones, life insurance has a bigger role to play in financial planning for the future. There are two main reasons why you should consider taking out a policy:
- Protecting your loved ones financially: If you were to die, your loved ones may need extra money to cover any lost income, as well as other costs like funerals, debt, or tax bills. A life insurance payout can help ensure your family can continue living a comfortable life.
- Leaving an inheritance: Should you have children or grandchildren, a life insurance payout can ensure that they have an inheritance to help them in the future, even if you do not have many other assets. This money can then be used to better your loved ones’ lives, providing essential funds for purposes like funding an education, a wedding, or a business.
Once you have a good life insurance policy, you will be able to live your life knowing that the future of your family will be secure should the worst happen.
How can I get the best deal on life insurance?
To get the best deal on life insurance, you’ll need to find the lowest-priced policy that meets all your needs. You’ll also need to review your policy regularly to make sure it continues to give you the coverage you require. This is especially important if you have a change in life circumstances that could impact your life insurance — for example, if you are diagnosed with an illness or move home.
While it is possible to shop around yourself, one of the best things you can do to is to talk to a life insurance broker. A broker will spend time getting to know your needs and then recommend a few options that will best suit you. With their access to industry knowledge and exclusive deals, they will probably be able to offer products that you wouldn’t be able to find on your own.
Here at Bespoke Financial, our life insurance brokers can help you to find tailored cover that meets you and your loved ones’ needs. If you already have a policy, we will be more than happy to help you review it and, if necessary, find replacement cover that offers you even more value. We have a strong track record of finding great deals for customers over 50.
SPECIAL OFFER: At Bespoke Financial Newcastle, we want to help you cover all of your bases when it comes to financial planning for the future, so we’re offering all Silversurfers a FREE will review service when you get in touch with us about your life insurance.