Life insurance is often overlooked in financial planning, but it’s crucial for safeguarding your loved ones and your financial future. At Osborne Financial, we believe it plays a vital role in any solid financial strategy, and we’re here to help you navigate your options.
Whether you need whole-of-life insurance, mortgage protection, or simply want to ensure your family’s financial security after you’re gone, various plans can meet your needs. Let’s dive into what life insurance really means and explore the common types of coverage available.
What Is Life Insurance?
Life insurance provides financial protection for your loved ones after your death. It gives peace of mind, knowing that your family will receive a financial benefit and remain secure, even without you.
This coverage is especially important if you have children, financially dependent relatives, or other family members you wish to protect.
Types of Life Insurance
You’ll find several types of life insurance, each tailored to different needs. The right choice depends on your unique circumstances and the level of protection you need.
Level Insurance
With level insurance, the coverage amount stays the same throughout the life of the policy. If you’re looking for consistent protection for your family or financial obligations, this option is ideal.
Decreasing Insurance
Decreasing insurance is typically used for mortgage protection. As you pay off your mortgage, the coverage reduces to match the remaining balance. This type of insurance is more affordable than level insurance because it only covers what you need as your debt decreases.
Increasing Insurance
Increasing insurance works in the opposite direction. The coverage and premiums rise at a set rate, often to keep pace with inflation. This option helps future-proof your insurance, ensuring it keeps up with the cost of living.
Whole of Life Insurance
Whole of life insurance guarantees a payout upon death, unlike other plans that cover you for a fixed period. Many people use this type of insurance to protect against inheritance tax liabilities. Due to its complexity, seeking expert financial advice before taking out whole-of-life insurance is essential.
Over 50s Life Insurance
Over 50s life insurance is designed for those who may no longer be able to get insured due to age or health concerns. These policies are often used to cover funeral costs or leave a gift to loved ones. The underwriting process is simpler, making it easier to get coverage.
How Can Your Financial Adviser Help?
At Osborne Financial, we believe life insurance is a key component of a well-rounded financial plan. Without proper coverage, your hard-earned assets could be at risk.
Choosing the right life insurance isn’t just about selecting a plan. It’s about finding the right coverage for your personal needs and circumstances. We take a holistic approach, reviewing your financial situation to recommend the most suitable insurance options. We manage the details, so you don’t have to worry about fine print or complex terms.
If you’re ready to explore your life insurance options, our team is here to guide you every step of the way. Contact us today
The information provided on the pages, blogs and articles contained within this website are solely for information purposes only and do not constitute financial advice. Professional advice should always be sought from a financial adviser.
