Navigate Life Cover

Finding the right life insurance policy is a crucial part of financial planning. It is not compulsory, but a good, experienced financial adviser will encourage anyone in the following circumstances to seriously consider taking out life cover: 

  • If you have a partner who relies on your income
  • If you have one or more dependants (children of school age)
  • If you have a family living in a house where you pay the mortgage

Having the right policy in place will help provide for your family, ensuring they can continue to make relevant payments and cover their living expenses, in the event of your death. 

Choosing the right cover for you can be daunting and confusing, as most people who are considering life insurance are not sure what they need. 

The team at Navigate Wealth has extensive experience that puts them in the perfect position to help you choose the best cover for your individual circumstances.  

To speak to an expert about life cover, or to arrange a free consultation, contact the Navigate Wealth team on 0345 340 9690 or use our submission form.

What is life cover?

Life insurance is designed to reassure you that your family will be looked after should you die, either paying your dependants a lump sum of money or regular, smaller payments. 

The amount of money your family receives depends on the level of cover you buy. You can decide how it will be paid and whether it will cover certain financial commitments, such as paying your mortgage or rent. 

There are two main types of life insurance policies, term life and whole of life.

Term life 

This type of cover runs for a fixed period of time - known as the ‘term’ of your policy - such as 10, 15 or 20 years. Term life policies only pay out if you die during this ‘term’.

Whole of life

If you take out a whole-of-life policy, it will pay out no matter when you die - as long as you do not miss any of the payments. 

How much does it cost?

There is no set price for life insurance, but it can be very good value for money. Monthly premiums vary drastically between different providers, so it is important to shop around. 

It is common to pay less than £50 per month for the right policy, providing you and your loved ones with the confidence that they will be provided for financially after you die. 

The price you can expect to pay is dependent on a number of factors, including: 

  • Your age
  • Your health
  • Your lifestyle
  • Whether you smoke
  • Length of your policy 
  • The amount of money you want to cover

For example, the younger you are and the less likely you are to die from a medical condition, the cheaper you can expect your policy to be. 

You may also want to consider taking out critical illness cover to protect your finances and support your family if you were to be diagnosed with an incapacitating illness. 

Contact us

Our expert team can help you navigate the life insurance products on the market to find the right policy for you.

To find out more about the range of life cover options available to you, or to arrange a free consultation, contact the Navigate Wealth team on 0345 340 9690 or use our submission form.

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