What is life insurance?
Life insurance takes care of the ones you leave behind. It is there to ensure that when you pass away, your loved ones will receive a tax-free, lump-sum payment of money.
What does life insurance cover?
The purpose of Life Insurance is to relieve your loved ones of any financial burden when you die. When you take out your policy and are deciding how much cover you need, consider how much debt you have and what you don't want your family to have to deal with. That might include things like a mortgage, funeral expenses, rent, schools fees and more.
How much is life insurance?
There are a number of factors that affect the premiums you can expect to pay on your life insurance. These are tailored according to your age, gender and smoking status and can also be affected by your health and lifestyle.
How does life insurance work?
Life insurance is usually paid out upon your death. However, you can also get it paid out early if you are diagnosed with a terminal illness leaving you with only 6- 12 months (depending on your policy) or less to live.
How to choose life insurance
When choosing your Life Insurance start by choosing a provider that you trust. Then compare prices and any extra cover that you want, for example, Critical Illness or Disability cover. Life insurance premiums increase over time as you age and to keep up with inflation (you can turn this off at any time). It’s up to you to choose the lump-sum amount of your life insurance when you first take it out. If you get stuck our customer service team at Pinnacle Life are able to help you make the best decision for you or try our free advice tool.
How to get life insurance
At Pinnacle Life, our priority is to help you provide for those you leave behind. We believe Life Insurance should be accessible to everyone and that you should be able to sort it yourself if you want to. You can get Pinnacle life Insurance all online in under 10 minutes or if you get stuck our customer service team can help you work out the right life insurance cover for you.
Does life insurance pay for suicidal death?
Life insurance pays for any cause of death, including terminal illnesses and accidents and yes, life insurance policies do cover suicide, It is however typical for policies to not provide cover for suicide for at least the first 13 months. The main reason for this is to make sure that people who may be thinking about suicide aren't influenced by thinking that their family will be financially looked after immediately – when really the most important thing to the family is having that person around in the future.
Why do I need life insurance?
Life Insurance provides for those you leave behind and helps them after you are gone. Having life insurance means that those you care about can have some peace of mind around making sure the mortgage and the bills are paid at a time when everything else can seem tough. A life insurance policy helps your family maintain their lifestyle if you become terminally ill or if you die unexpectedly.
Is term life insurance right for leaving a legacy?
Term Life Insurance is one way to ensure you can leave a legacy. You just need to make sure that your cover includes the amount you want to gift. But, at the same time, you should also be saving for the legacy you want to leave. As you get older, your premiums will get more expensive, which means that long term you’ll probably want to reduce your cover or cancel it. So just like eventually you’ll pay your mortgage off and won’t need life insurance; eventually, you should have your legacy saved, and you won’t need to pay for life insurance to cover it either. You don’t want to live to 93 and feel trapped paying premiums so that you can leave behind a legacy.