On average, around 125 UK adults, aged 18-55, die each day.

(Source: Office for National Statistics, 2016 data, released July 2017)

This shows that while, in general, we’re now living longer, the worst could still happen at any time.

If you have people who are financially dependent on you, and you do not have other adequate resources to fall back on, then you really should consider having an element of life cover in place.

This is often set up to ensure that the mortgage can be paid off. Ideally, you may want to exceed that amount to provide additional funds for those left behind, enabling them to get through a difficult emotional and financial period, as painlessly as possible.

Also, it’s not just homeowners that should consider taking out a life plan, the benefits would be equally applicable to those rentingto ensure that those left behind have a period of financial security.

Of course you will need to balance any ‘personal’ life cover with any ‘death in service’ benefit that may be in place through your employer.

Take your pick

There are various types of life cover. For example, you can take out ‘level term’ insurance, where you choose the amount you want to be insured for and the period for which you require cover. If you die within the term, the policy pays out.

Alternatively, you may prefer a ‘decreasing term’ policy, where the amount paid out on claim reduces over time to possibly reflect the decreasing amount owed on your repayment mortgage.

For all term assurance plans, should you not die within the policy period, then it doesn’t pay out, and the premiums you’ve paid are not returned to you.

Please talk to us and we’ll take you through this, and other aspects such as opting for single, or joint life.

As with all insurance policies, terms, conditions and exclusions will apply.