Life Insurance
Insurance is vital to protect against worse case scenarios and when things don’t go quite to plan. Having a life insurance policy in place will provide financial protection and peace of mind.
Insurance is vital to protect against worse case scenarios and when things don’t go quite to plan. Having a life insurance policy in place will provide financial protection and peace of mind.
Life insurance will provide a lump sum payment to your family should you die, and is important to have if you are married, have children, or have other financial commitments which would still need to be paid after your death, such as a mortgage.
Self-employed life insurance may be even more important than it is for an employed worker. It is commonplace for employed workers to have life insurance as a employee benefit and would receive death in service payments. This is a lump sum given to family if the death happened during their service at work and is calculated using an income multiplier.
As a self-employed business owner, you have to cover this yourself and that is why life insurance for the self-employed is imperative. It is important to note, however, that life insurance premiums are not a tax-deductible expense.
It is also often the case that the self-employed are working in somewhat more dangerous working conditions, such as in manual trades where accidents could be fatal, e.g. roofers, electricians, taxi drivers. Again, making life insurance for self-employed workers even more crucial.
There is no hard and fast rule about how much your life insurance should cover you for. The amount of cover that you require should be calculated based on how much your family might need if you were to pass away, to pay off debts, and continue payments for childcare etc. It will also depend on how good a deal you can get.
There are several different types of life insurance available and the best option will depend on your age, health, number and age of dependants, length of cover required and how much you can afford. The good news is that the younger and healthier you are, the better life insurance cover you are going to find.
Finding a life insurance plan can be tricky to navigate, trying to figure out how much cover you need as well as which type of life insurance cover you will need. Active Mortgages has a team of life insurance specialists who work daily with clients who want to protect their families in the event of their death. By using one of Active Mortgages’ experienced life insurance advisers, you can feel confident that you are getting the right advice.
Active Mortgages will take time to listen to your personal circumstances and how much you can afford to pay as well as the length of life insurance that is required, so that you can focus on living life to the full.
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