Life insurance is a tool that can help your loved ones financially, especially at a time when the last thing they want to worry about is money.
As a dad, your family’s financial security is paramount. Life insurance provides peace of mind, ensuring your loved ones are taken care of no matter what.
In this guide, we will walk you through what life insurance is, how it works and the cost of life insurance.
Life insurance will pay out a lump sum to your beneficiaries (as agreed in your policy terms) if you are given 12 or fewer months to live or die unexpectedly.
To get a life insurance policy, it’s best to speak to a broker – who has access to the entire UK market, ensuring you get the best solution for your situation.
By speaking with The Insurance Surgery, we’ll help you obtain a life insurance policy, quickly.
Step 1:
Speak to an expert: Discuss your needs with an expert who can then advise on the best policy for you and your family.
Step 2:
Work out your ideal cover amount: Determine the amount of cover you need, considering your family’s financial needs, debts, and future expenses.
Step 3:
Choose a Policy: Select a life insurance policy that fits your needs, such as income protection or whole life insurance.
Step 4:
Beneficiaries: Designate who will receive the life insurance payout, typically your spouse and children, who will receive the payout upon your death.
Step 5:
Pay Premiums: Pay the monthly premium to keep the policy active.
Step 6:
Payout: Upon your passing, or 12 months or few to live. The insurer pays out the agreed amount, helping cover costs like mortgage payments, education, and daily living expenses.
If you have a medical condition, you must speak to an expert to ensure that your policy covers the medical condition, as many policies will exclude pre-existing medical conditions. This means your family will not receive a payout if you pass due to the conditions or anything that’s affected due to the condition.
Another invaluable life insurance product is critical illness cover. This type of insurance provides a lump-sum payout if you are diagnosed with a serious illness, as defined in the policy wording. Every critical illness policy must include specific conditions outlined in the policy.
• Cancer – excluding less advanced cases
• Heart attack – of specified severity
• Stroke – resulting in permanent symptoms
The payout helps family members to pay off any debts, such as a mortgage.
In today’s climate, it’s hard to run a household on only one income – life insurance helps to fund daily life for the remaining spouse.
Life insurance acts like a savings account you can’t dip into – ensuring that your family or beneficiaries receive an amount that would be hard to save alone.
Life insurance can pay for things like:
It’s easy to make a claim with The Insurance Surgery. Simply follow these three steps:
The easiest way to make a claim is to go through the insurance broker or provider you took the cover with. This not only takes the weight off your shoulders at this stressful time but also helps speed up the claim process.
Depending on the type of policy you have, ways to make a claim can vary. You will initiate the claim process either via telephone, email, or post for Life Insurance, Critical Illness Cover and Income Protection.
Once the claim has been received your insurance provider will then request the necessary evidence in order to assess the claim. This can include but is not limited to death certificates, GP reports and specialist letters.
Many families have benefited from our life insurance plans. Did you know that an estimated 26,900 parents die each year in the UK, leaving dependent children? That’s one parent every 20 minutes {1}.
Life insurance can help reduce the pressure of paying bills, daily expenses, hobbies, and school supplies. So even if you just enquire about the cost, make sure you understand the life insurance options available to you.
Let’s hear from real dads who have secured their loved ones’ futures with us.
Iman, a 36-year-old dad of three and freelance photographer, is looking for £415,000 in life insurance.
We found Iman the following policy:
Alistair, a 63-year-old dad of one, already had cover of £150,000 and was paying £90 a month.
He only had £50,000 left on his mortgage, with just under 4 years remaining, so he was looking to review and save money.
We were able to cut 75% off Alistair’s monthly premiums, by updating his current policy:
For more information on life insurance for dads click on ‘Get a Quote’. We have also provided a range of support sources for more information on losing a parent.
