Family is important; that’s why it’s crucial to get advice to help protect the ones you love!
What is Life Insurance, and how does it work?
Life insurance is a vital form of protection that provides financial security to your loved ones in the event of your death. By taking out a life insurance policy, you can ensure that your family or dependents are safeguarded from the financial burdens that may arise after your passing.
The policy pays out a lump sum or regular payments, known as the death benefit, to your chosen beneficiaries. This financial support can help cover various expenses, including outstanding mortgage payments, everyday living costs, education expenses, and other financial obligations.
Life insurance provides peace of mind, knowing that your loved ones will be taken care of even when you're no longer there to provide for them.
Why do I need Life Insurance when I have death in service through work?
While having death in service benefit through your work is indeed beneficial, it's important to understand the limitations it may have. Death in service typically provides a lump sum payment to your beneficiaries if you pass away while employed by your current company.
However, it's crucial to consider what would happen if you were to change jobs or experience a career transition. In such cases, your death-in-service benefit may no longer be applicable, leaving your loved ones without financial protection.
Additionally, the payout from death in service is usually limited to a multiple of your salary, which may not be sufficient to cover your family's long-term needs, such as mortgage repayments and living expenses.
By obtaining a separate life insurance policy, you can provide a more comprehensive and flexible safety net for your loved ones, ensuring they are financially secure regardless of your employment situation.
Life insurance offers a customizable death benefit and can be tailored to your specific circumstances, providing an additional layer of protection and peace of mind.
Benefits of life insurance…
Financial protection for your family
Easing the burden and reducing stress for your loved ones after your passing
Providing continuity for your family, allowing them to remain in their home
At ACL we not only guide you through the complexities of obtaining a mortgage but also ensure your financial well-being with comprehensive protection. Protection is an essential aspect of any mortgage journey, providing you and your loved ones with peace of mind and security. Whether you're a first-time buyer or an experienced homeowner, unforeseen circumstances such as illness, disability, or even the unfortunate event of death can have a profound impact on your ability to meet mortgage repayments. Our team of expert advisors are here to help you understand the importance of protection and assist you in finding the right insurance solutions tailored to your specific needs. By safeguarding your home, income, and family, we ensure that you can confidently move forward in achieving your homeownership dreams, knowing that you're covered during life's unexpected twists and turns.
As with all insurance policies, conditions and exclusions will apply.