Few of us expect to die prematurely – that happens to other people… well, the fact is the chance of dying young is far less likely than suffering from a critical illness or a becoming disabled for a period of time. The impact of premature death however, is huge on the people you love and provide for.
You need to consider how your family would manage in the event of your death? Would they be able to live the lifestyle they enjoy now?
How much Life Insurance do I need to have in place?
The types of issues you need to consider are:
- Your levels of debt
- The age of your children – your educational requirements for your children
- Relative earning capacity between you and your spouse
- Some money to help your spouse and family time to adjust to life without you… this is different for all of us.
Who gets the money if I die?
You need to think about this and the ownership of the policy will determine who gets the money. If you have children from a previous relationship then you may want to own the policy on your own life and will then need to have an up to date Will to reflect this. If the policy is to allow your spouse to clear the mortgage and raise your family then you may consider jointly owning the policy. We can help you to get the ownership structure right.
Will the premiums go up?
This depends on the type of policy you put in place.
Rate for age is a structure of insurance that is priced based on your age and as you get older, the premiums increase.
A level premium is more costly to set up but the premiums do not increase for the period of the policy which may be through to age 65 or 70.
Allsure Financial Solutions Ltd can have a look at the two options to see what is best for you. It may be a combination of the two that offers you the best protection long term.