Life Cover

The right amount of life insurance cover for you will depend on your personal circumstances. Typically, the more cover you take out, the higher your premium will be.

We highly recommend factoring decreasing life insurance into your budget with the purchase of your home. It is so easy to underestimate your worth financially to loved ones left behind. No-one wants the threat of losing their home after the loss of a loved one.

It is so important to think about what income your family or dependants would require to cover their living expenses without your financial contribution in the event of death.

Things to consider are the costs of:

• a funeral
• your remaining mortgage repayments
• any outstanding debts
• living and household expenses
• childcare arrangement and the cost of bringing up a child/children alone

With Decreasing Mortgage Life Insurance you can take comfort in the fact that your family will be able to remain in their home.

But it is imperative to think out how much money your dependants might need to continue their current lifestyle and meet future outgoings, this is when you may want to consider Level Life Insurance when the amount insured remains constant throughout the chosen timeframe.  Another way is to take out a family income plan, whereby your loved ones will receive a monthly payment as opposed to a cash lump sum.

At DWG we believe we are all guilty of underestimating our own worth, not just in death but whilst alive. Each and every one of us at some point are likely to become unwell, need time off work, possibly for a long period; worse still suffer from a critical illness, one in which you may not be able to, or even want to go back to your existing lifestyle.

Many of us will fall into the mindset that we have cover provided by our employers, in the form of death in service benefit. This is a good benefit/perk to have, but you must bear in mind that this only remains a benefit for the time that you remain an employee of that company.

Insurances to consider in these instances would be Income Protection and Critical Illness Insurance. How long could each or everyone of us go without a regular income. It is estimated that you should save at least 10% of your monthly income to fall back on, in stark reality this does not happen.

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