Many of us at some stage in our lives require a life insurance. Life assurance is a product designed to provide payment of a sum of money in the event of the death of the Life Assured. You would typically require a life assurance policy for protection, savings or a combination of both. In other words, there are policies which help you save money, other policies which protect you and policies which do both.
Why would you need life insurance?
The most common reason for buying life insurance is to replace the income lost when you die. For example: “you work, and your income is used to support you and your family. When you die and your income stops, the life insurance proceeds can be used to support your family”.
Another common use of life insurance proceeds is to pay off any debts you leave behind. For example: mortgages, car loans, medical bills, and credit card debts are often left unpaid when someone dies. These obligations must be paid from the assets left behind but can deplete the resources that your family needs. Life insurance can be used to pay off these debts, leaving your other assets intact for your family to use.
Life insurance creates an estate for your heirs and can protect their standard of living. After your debts and expenses are paid, there may not be much left over for your family, but life insurance can automatically provide assets for them after your death.
Why use an independent adviser when buying Life Insurance?
A bank or an online provider usually sells Life insurance products from their own range, this service can mean that you may have the wrong product for your needs and could result in you over- paying possibly by thousands of euros over the term of the insurance.
Independent financial advice is considered the gold standard of financial advice since it offers access and guidance on a huge pool of products. This option allows you to have a qualified professional review of your financial situation, determine your needs and search all the options for the best value policy.
SMM Group aims in providing cost-effective approaches to the needs of individuals, and their families. We at SMM Group, will guide you with the right assistance and cooperation with insurance brokers.