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Finding the right life cover can be baffling and discouraging and is often something people delay despite knowing their family needs it. . With F.W.E. Crowe Insurance, you can easily switch from your current insurer or take out a brand-new policy. Our accommodating staff are on hand and ready to give you all the help you need. Why not ring and get your current plan checked against the current market as decreases in life assurance rates and discounts available to brokers may mean you can save money for exactly the same cover!

What is Life Insurance?

Life insurance is designed to bring financial security to your loved ones in the event of your death. It brings them the security of a lump sum that can ensure your debts or any other financial commitments are taken care of. This means reassurance for you and your family. In a case where a pay-out is necessary, the named beneficiary receives the funds and is protected from possible financial strains caused by the death of their loved one.

What Does Life Insurance Cover?

In the occasion of your death, your life insurance cover will pay a certain amount to your beneficiaries in order to grant them financial security during this time and for the future. When taking out a life insurance policy, it is important that you understand the difference between term coverage and whole life coverage. Whole life insurance provides lifelong financial security considering you are paying into the plan. Term insurance provides coverage for a specific amount of time such as 1, 15, 25, 30 years. It is renewable after this time is up but you will not continue to be protected unless you do so. If you die before the end of your term policy, your beneficiaries will receive a lump sum pay-out. The importance of life insurance is knowing that if you die your family will be looked after financially. Often with the unexpected loss of a spouse, the surviving spouse finds it difficult to afford the day to day and monthly financial upkeep of a home and family with just a single salary. Therefore, life insurance provides ease in terms of paying for bills, insurance, child expenses, mortgage payments, paying off debts and much more. Life insurance can also cover costs of a funeral and unpaid medical expenses.

What does Life insurance not cover?

The majority of life insurance policies provide a lump sum payment to your beneficiaries in the event that you die from natural causes and most diseases. What is covered and what is not covered varies from policy to policy. However, in most cases life plans will not cover critical illnessĀ or disability, meaning while you are critically ill you will not receive a pay-out. For this sort of coverage, you will need to take out a separate critical illness plan. Although some may choose to use their lump sum to pay mortgage payments, a life insurance policy will not completely pay off your mortgage, for this you will need to take out a separate mortgage protection policy. Most policies will not cover suicide, however, there are some plans that allows for a pay-out if the policy is a certain number of years old. You also may not be covered for reckless endangerment such as car racing and extreme sports.

Am I required to take out life insurance?

A large majority of people consider life insurance but do not have a policy in place. If you are single and have no children or financial dependants in your life then it is likely you don't need cover at that current moment. However, those who are advised to have life cover would be the provider of a family, divorced parents, stay-at home parents or someone with co-signed debt. Life plans are also recommended for people who make high earnings such as business owners or investors. Parents of special needs children would be advised to have life insurance to ensure their child is financially supported should they die. Some may choose to have life insurance to ensure that their loved ones are not left with the burden of having to pay for a funeral or remaining debt. Taking out life insurance cover will also make sure that chosen family members receive inheritance.

Why do I need life insurance?

Although it is something most of us do not like to think about, it is important, especially for those with families to make sure things are in order in preparation for the unexpected instance that you may die. By taking out a life insurance policy with you can rest assured knowing that if you are no longer around your family will be financially secure. It is also important if you have debts that may need paying off. If you have young children, it will cover every day expenses as well as future education. Not only is taking out a life insurance policy assuring for your family, it will put you at ease knowing that in the time of an untimely death, finances will not be one of the struggles to deal with at the time.
The team at F.W.E Crowe Insurance are here to assist you with any of your life insurance questions as well as providing you with the most competitive life insurance quotes on the market. We make sure we find the best policy that suits you and at the best price.

Get in touch with us today and be on your way to finding the right policy for you.