Chester, Cheshire
01244 950 318
info@sosmartprotect.co.uk

Life Insurance Explained

UNDERSTANDING LIFE INSURANCE

What is Life Insurance for?

We understand it’s not a pleasant subject to think about, but preparing for how your family would cope in the event of your death will bring you peace of mind. Put simply, life insurance will pay out a tax free lump sum of cash upon your death. You can leave your loved ones money behind to ensure they can cover costs such as funeral expenses, outstanding debts and on-going living costs.

Life insurance is typically used to cover:

MORTGAGE

Pay off your outstanding mortgage balance and other debts, leaving your family completely debt free.

CHILDREN

Leave a cash lump sum to support your children whilst they’re growing, for expenses such as education and maintaining their living standards.

FUNERAL

During a difficult time, you can take away the worry of paying expensive funeral bills, allowing your family to give you the service of your choice.

LEGACY

Leave behind a sum of money for your relatives as their inheritance, and help to maintain their current lifestyle after your death.

Let’s look at the stats!

Here are just a few reasons to choose Life Insurance through So Smart Protect:

Payout Rate

Average Payout

Tax Free Payout

Protection is what superheros do best

CALL US ON 01244 950 318
DEPENDING ON YOUR CIRCUMSTANCES

What affects the price?

Life cover as per other insurances is calculated on risk, so your health and lifestyle choices may affect the price you pay. The main factors that an insurer will review are:

YOUR AGE

The sooner you take out a policy the lower the price is likely to be, so it’s never too soon to start looking for life cover.

YOUR HEALTH

Factors such as smoking, your weight and BMI are all looked at, so consider your lifestyle choices.

LIFE STYLE

Having a high risk job or a dare devil hobby can be factored in and could increase the price you pay for cover.

MEDICAL HISTORY

If your immediate family has a history of heart problems, cancer or stroke this could see increased premiums for your cover.

So let’s look at some examples

Many factors are taken into consideration when providing you with a price for your life cover. Here we look at how your age can affect the price, please note these are examples only and are based on a female covering £150,000 over a 20 year term on level term assurance policy:

20 years OLD

£5.38

per month

  • NON-SMOKER
  • HEALTHY
  • NO EXTREME SPORTS
Get Started

40 YEARS OLD

£10.95

per month

  • NON-SMOKER
  • HEALTHY
  • NO EXTREME SPORTS
Get Started

Speak to a specialist! get cover starting from today

CALL US ON 01244 950 318

LET’S LOOK AT THE DIFFERENT TYPES OF LIFE COVER AVAILABLE TO YOU:

Level term cover

Level term cover will pay your selected family members a fixed amount should you pass away. This type of life insurance is usually used if you would like to leave behind a tax free lump sum to support your family with maintaining their current lifestyle and future purchases.

LEARN MORE

Decreasing term cover

With a decreasing term policy the pay-out amount will be reduced monthly, over the length of the policy.  This type of cover is often used to help family pay off outstanding debts, such as a mortgage or loan payments. You can set the amount to reduce overtime, as the balance of your debts reduces.

LEARN MORE

Whole of life policy

A whole-of-life insurance policy will pay-out a fixed amount upon your death, whenever that is. This type of life insurance is typically more expensive than other life cover as there is more of a guarantee that it will pay out, as long as payments are maintained and within the terms of the policy.

LEARN MORE

Funeral cover

Knowing that your family can give you the send-off you would all like, will give you peace of mind. Having all the costs taken care of in advance, means your family will not have to worry about finding the funds to cover your funeral at such a difficult time.

LEARN MORE

Not sure how much life insurance you need?

Use our quick calculator to estimate how much life cover you need, click on the white calculator image to get started.

CALCULATE NOW

Get covered today! It only takes a few minutes.

We understand how important leaving behind financial support for your family is to you and our team of protection heroes are waiting to take your call. We can guide you through all your options when it comes to choosing a suitable life insurance policy. We’ll also take the time to understand your individual needs, finding a policy to suit you and your family.

CALL US ON 01244 950 318

*Stats provided by ABI, https://www.abi.org.uk/news/news-articles/2018/04/protection-insurers-pay-out-record-breaking-5-billion-in-claims/