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When to get life insurance

WHEN TO GET LIFE INSURANCE There is no right or wrong time to take out a life insurance policy. However there are certain life events which are perfect opportunities to do so. Becoming a parent Becoming a parent is a perfect time to take out a life insurance policy. Children depend on you to take care of them and provide for them. A payout from life insurance would protect your children financially if you were no longer around. Getting married Getting married is another popular time to take out life insurance, especially if you are the main breadwinner. In the same way your children are your dependants, your spouse may depend on you to provide for them. Buying a house Having life insurance could be extremely useful if you take out a mortgage and buy a house. A pay out from a policy could be used by your dependants to keep up with mortgage repayments. There is also a type of life insurance designed specifically for those with a mortgage. Change in income This could apply to you in different circumstance. For example, if you are single or married, if you have children or don't or if you have an increase or decrease in your income. Buy a policy before Christmas and you can get upto £100 of shopping vouchers! bobatoo.co.uk We help. You save. Get a life insurance quote today at www.bobatoo.co.uk Life Insurance Different types of life insurance Whole of Life cover Whole of life insurance does pretty much what it says on the tin and covers you until you die - guaranteeing your family receive a pay out. Becaúse of this, whole of life cover tends to be the most expensive type of life insurance. Term Insurance Term life insurance will only pay out if you pass away within a specific time period. For example, you may have a term insurance policy for 25 years, if you die within this time, your family will receive a payment. Mortgage Life Insurance Mortgage life insurance is also known as decreasing term insurance as the potential pay out will decrease year after year. This is because is is designed specifically to cover mortgage debt in the event of your death, which will lower the more you pay off. bobatoo.co.uk Wehelp. You save. For more information on the different types of life insurance, visit Bob's Blog at www.bobatoo.com/blog Life Insurance

When to get life insurance

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When is the best time to take out a life insurance policy? Find out with our great new infographic...

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Bobatoo

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Bobatoo

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Lifestyle
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