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Home > Blog > Company News > What life insurance should I get?
Whether you have just taken out a mortgage, or you want your dependencies to be covered for whatever eventuality life throws your way, there are a number of reasons that you will be wondering ‘what life insurance should I get?’. In this blog, Hilltop Finance uncovers the different types of life insurance available, so you have more of an understanding of which could be the right option for you.
In a nutshell, life insurance is where you pay a set amount (called a premium), usually monthly, for the duration of an agreed policy term, with the expectation of your family or loved ones receiving a pay-out when you pass away. Your recipients will then be free to use the funds on whatever they like, whether that’s paying bills, your funeral expenses, a mortgage, or putting a child through education. Having life insurance as a safety net can help your family stay in their home and pay for the things you planned for. If anything, life insurance is for your loved ones.
The amount of coverage you’ll receive and the premiums you’ll have to pay will be entirely determined by your circumstances, medical history, lifestyle and the type of policy you purchase.
There are three main types of life insurance; term assurance policies, whole of life policies and family income benefit policies. Each type of life insurance has certain characteristics that may be more suitable to you, and your family, depending on your current situation.
With life insurance, there is no ‘one size fits all’ and what might be the best life insurance for you may not suit your family or friends. This is why it is particularly important to do your research and speak with independent advisers or brokers to help find the best policy for you.
If you are looking for life insurance advice, the team of advisers at Hilltop Finance are here to help. If you would like a free non-obligation life insurance quote simply call or fill out a quote request form and one of our team will get back to you to discuss your range of options.
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