Life Insurance

Life insurance is a kind of insurance cover that’s been designed to provide financial security to your loved ones after you’ve passed away. The payout given to these loved ones – your ‘beneficiaries’ – can be used for whatever it is they need; whether that’s opening trust funds, putting money towards education expenses, covering your funeral, medical costs, or something else entirely.
With a life insurance policy, you can leave some stability for the people you care about most, even when you’re gone. Though no amount of money can ever erase the pain of losing you, with a life insurance policy, you can at least know that your loved ones will be looked after even when you can’t look after them yourself anymore.

This really depends on the insurer, type of cover, and the amount you wish to cover. As a general rule, you will have to answer some questions about your health and lifestyle. These questions will be based around any medical conditions you might have, any symptoms you might be experiencing (whether those symptoms are attached to a diagnosis or not), whether you smoke, how much you drink, and much more. Once those questions have been answered, though, you’ll be able to sit back and relax knowing that your loved ones will be looked after even after you’re gone.

Yes, your mortgage can be covered by life insurance! This type of life insurance coverage is usually referred to as ‘decreasing term life insurance’ if you have a re-payment mortgage, because the payout is linked to your outstanding mortgage loan amount, which decreases with every year that you pay it. If your mortgage is paid off before you pass away, however, your loved ones will receive no payout (because in theory, the financial obligation you wanted to help them cover will have already been taken care of), so if that’s not a concern for you, you might want to look into other kinds of life insurance.

Most of Best Insurance’s life insurance products come with terminal illness coverage baked into the policy. What that means is that if you’re diagnosed with a terminal illness such as cancer, you can get your payout early to help handle end-of-life expenses such as medical equipment costs. If you are diagnosed with a terminal illness and decide to make a claim while you’re still alive, however, your life insurance policy will be deemed ‘complete’, and your loved ones will receive no payout once you pass away.

Figuring out how much you want your loved ones to receive once you pass away can be a difficult question to answer, not least because no one really likes to think about themselves one day dying. A good way of thinking about your ideal payout is by considering how much your monthly outgoings are, including your rent/mortgage payments, household bills, and other expenses. You want to pick a payout amount that will cover all these for a considerable time, as well as the costs of your funeral and any debts you might have left over. If you want your mortgage covered in its entirety, you should look into getting a decreasing term life insurance policy, which can be linked to your remaining mortgage amount.