Renew Life give your family peace of
mind

Most of us have our phones, cars, holidays, buildings, contents and pets insured but why are we always so quick to overlook insuring ourselves? It isn’t nice to think about but we won’t be here forever and what would happen to your family and loved ones if you were not here to support them financially or emotionally? By having a Life Insurance policy it means your loved ones will receive a lump sum of cash upon your death. You can choose the amount the policy will pay out and you even choose the length of time you are covered for and how much you wish to pay each month towards the policy.

The answer to this is simple – peace of mind. Not only for you but also your loved ones. Ultimately it is the choice of your loved ones what the lump sum would be used for however most policy holders use life cover for… Funeral expenses Repaying a mortgage Repaying joint debts to relieve the surviving debt holder Income replacement to ensure your loved ones lifestyles and existence is not at risk without your earnings Children’s education costs

Level Term: A policy which pays a set amount upon your death. The pay out and your monthly premiums are arranged at the outset and will not change. Decreasing Term: A policy where the amount of cover chosen reduces over time and therefore the pay-out made upon your death decreases. These types of policy are usually taken out alongside a mortgage, the mortgage balance reduces over the years as does the life cover.

This is totally dependent upon each individuals health, lifestyle and personal preferences about the cash pay-out, the term, and the premiums. Let’s take a look at the 3 elements that calculate the cost. 1: The amount you would like to be paid out is taken into account. Remember the higher the pay out the higher the premium will be. For this reason it is often a good idea to have an idea of how much you would need or like your loved ones to receive. Take some time to think about how much you owe on your mortgage, joint debts and how much income your family would lose if you were no longer here to earn. Don’t forget to also think about the milestones and occasions you would have perhaps contributed towards, house purchases, settling down, marriages, children – you could still ensure you are part of those special times by planning ahead. 2: How long do you want the cover for? The longer the policy the higher the premium will be as the older you become the more likely you will pass away whilst still insured. Take some time to think about how long your family would need your financial support for. 3: What is your health and lifestyle like? Remember a healthy person will always pay less than a person who has medical problems or an unhealthy lifestyle and your family medical history can also impact the cost of your policy. This is not to say you won’t be able to get insurance it may just mean you pay slightly more.

Many couples opt for a joint Life Insurance policy with a single pay out when the first policyholder passes away. This could work out more costs effective for you on a monthly basis but please remember we always need to speak to both policy holders to set up your policy.

Income Protection Insurance is a long-term insurance policy which is to help you if you are unwell or injured causing you to be unable to work.

The answer to this is simple – peace of mind. Unless you would be able to survive on sick pay, benefits or by support from family, friends or savings then the loss of your income could mean that you struggle to pay your bills. Income Protection Insurance will replace part of your income and will continue to be paid until you are able to return to work again or you retire. It covers most illnesses that would prevent you from being able to work and you can claim on the policy as many times as you need to. One thing to remember is that there is often a waiting period before the payments start. Most policies will require you to exhaust your sick pay entitlements before making a claim however if you are self-employed with no sick pay to fall back on then this sort of insurance policy is particularly relevant to you.

This depends upon your policy and your individual circumstances. The cost can be dependent upon your… Age Job Smoking status Health How long you could afford to wait before making a claim on the policy Why not contact us for a free, no obligation quote to see how much peace of mind would cost you?

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