Throughout your entire life, there may be a need for life insurance, whether you're single, retired, or at any stage in between, life insurance should be considered as an essential tool in your financial toolbox. As you move through these different stages, your life insurance requirements alter too.
Life is full of surprises - not all of them good
Income replacement is the primary purpose of life insurance, but many policyholders tap into cash-value life insurance for other reasons, such as building a nest for retirement, also known as permanent life insurance.
A study has revealed that just 27% of consumers are confident of the levels of protection they have in place. Financial pressures can cause a huge strain. Having the right level of protection in place at every life stage is essential to avoid financial exposure. Once protection is in place, it's worth reviewing it regularly to ensure you have the right cover as your circumstances change over the years.
Life insurance tends to be over looked by single adults, at all ages. Despite being self-sufficient, without a partner or dependants, there are still options to consider. If you have a mortgage, loans or debt with a co-signer, your death will leave your co-signer responsible for the payments. You also risk leaving end of life expenses to your loved ones.
You've added a partner to your life, so life insurance is important; identify the amount of coverage you need to replace future lost income and cover any large debts that would put a burden on your partner, we can help with these calculations!
Pitter patter of tiny feet
As a parent, you are always looking out for your child's best interest. Life insurance should be a consideration when planning for their future. Take into account the future cost of raising your child, including higher education as well as coverage for a stay-at-home parent, if applicable.
Empty Nest, then retirement
You may not need as much life insurance at this stage, but it is still important to have protection if you are married or still working. On retirement, depending on your priorities we can help ensure you have all bases covered, you could access your cash value from your life insurance policy to supplement your retirement income, we can advise on the tax advantages of having life insurance to and through retirement.
With you every step of the way!
Discussing your protection requirments with us will ensure you have the correct level of cover in place for you and your family at every life stage and review the suitability of any cover you may already have in place. Life insurance is a valuable part of your finances now and in the future.
As with all insurance policies, conditions and exclusions will apply
We can help you!
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.