What would happen to your family if you never made it home from work today?
With life insurance, you can make sure your family is protected even if the worst happens to you. It makes sense to take precautions against the financial impact of your death.
We will help you assess your need for life insurance cover. This will depend on your age, family circumstances and lifestyle. Typically you will want your mortgage and any loans cleared. You may wish to provide a fund for burial and allow your surviving partner to take time off work. You may also want to replace your income for a time while your children are dependent.
We will assess what cover you have in place through mortgage protection, pension schemes, other policies and social welfare benefits. If there is a deficit in cover, we can advise on providing the cover through term insurance or whole of life cover; the term length of the policy; whether cover is provided by a lump sum or income benefit, or a mix of the two. We will also compare policies from across a number of different life insurance companies and recommend the most appropriate for you.
Applying for cover starts with completion of a medical proposal form. The life insurance company may write to your GP for a report, and in some cases a medical examination is required. Once you are accepted by the life company, cover is permanent for the term of the policy regardless of what happens to your health. MC Financial will assist you with the form filling and will ensure the policy is set up correctly.
Things to watch out for:
- Is the policy level or convertible term? Convertible gives you the right to take cover again without evidence of health. It is useful if your health was to deteriorate and you couldn’t get cover at the end of the term.
- Is the policy a dual or joint life? A dual-life policy pays on both lives if both partners were to die and costs very little extra.
- Does the policy require a trust document? This is to ensure benefits go to the right people.
- Have you made a will?