Life is unpredictable but we can protect our loved ones by securing their future with life insurance.
What is Life Insurance
Life insurance provides you with a lump sum benefit in the event of your death or sometimes terminal illness.
Protecting loved ones
Life insurance ensures your loved ones are financially protected in the event of your death. The purpose of life insurance is that it will provide a lump sum benefit to your beneficiaries during the policy term; providing help financially to cover any financial obligations. In addition, this will also further ensure that your family’s needs are catered for so their standard of living can be maintained.
Income replacement
Having life insurance is fundamental for ensuring your family’s financial security in the event of your death. It can act as a replacement for your income if you are the breadwinner, providing financial support to compensate for the loss of your earnings.
Estate planning
Life insurance can play a crucial role in estate planning, especially for individuals with substantial assets. In this instance, the purpose of life insurance is to provide a lump sum benefit to help pay part or all of your inheritance tax liability.
Peace of mind
Life insurance offers the reassurance of knowing that your family will be financially protected if you pass away during the policy term. This ensures your loved ones can maintain the lifestyle they are used to even if you are not around for them.
Value added benefits
Value added benefits are additional features you can opt to receive when taking out a life insurance policy. Different providers have different benefits. Depending on your circumstances and budget, these additional benefits are designed to provide you and sometimes your family with extra advantages to enhance the overall value of your life insurance product. The additional benefits that can be added vary but typically, you can add private consultations, yearly health checks, global treatment, support with physiotherapy and mental health.
By way of an example, global treatment will provide access to overseas medical treatment for serious illnesses such as cancer. This ensures you have access to the best doctors around the world. Not only is the treatment covered, but all your travel, hotel and daily costs are also covered by this benefit.
Conclusion
In this article, we have reflected on the importance of life insurance and why it is important to obtain cover. Remember, life insurance provides a safety net that ensures your loved ones are protected and are financially secure when you are no longer around to support them. Don’t wait for tomorrow, contact us now to protect those who matter the most.
The information included within this article is for general information only and is not intended to address the particular requirements of an individual. In particular, the information contained within the article does not constitute any form of advice or recommendation by MWM. The information should not be relied upon by individuals in either making or refraining from making any financial planning decisions. Where necessary, individuals should seek appropriate professional advice before acting on any of the information contained in this article.
Menzies Wealth Management is authorised and regulated by the Financial Conduct Authority (486548). Registered address: 1st Floor, Midas House, 62 Goldsworth Road, Woking, GU21 6LQ Registered in England and Wales 06597008.
For further information and to discuss your specific requirements, please contact one of the team at Menzies Wealth Management via the contact form below: