When you’re single and only have to look out for yourself in terms of having enough money to meet rent and living expenses, extensive financial planning might seem unnecessary. However, as soon as you find yourself in a serious, long-term relationship or begin having children, your changed circumstances mean you have to start making plans aimed at supporting them in case you become unable to. At the very least, this means taking out a life insurance policy.
Many life insurance plans, irrespective of the company providing them, are fairly identical with regard to what they offer the customer and their terms and conditions. Many of them can actually result in the customer losing money if they sign up to them – this isn’t what you want when you have children to provide for. With this in mind, the new Lifetime Payback Guarantee policy from British Seniors could be just what you’re looking for.
it provides financial security
The obvious benefit of life insurance is to provide financial security to your loved ones in the event of your death. Life insurance, at its very core, ensures that a lump sum is paid to your stated beneficiary after your death to help them deal with funeral expenses, mortgage payments and other bills. The specifics vary from plan to plan, but will be spelt out in full before you sign up to anything.
you never lose more money than you receive
However, with many life insurance policies there is a risk that you will end up paying more money in than you get out, therefore losing out financially in the long run. With the British Seniors Lifetime Payback Guarantee, though, you are guaranteed to never spend more than you receive. The benefit amount your family receives will never be less than the monthly premiums you pay in, so any claim paid out will either be your chosen benefit amount or the total monthly premiums you’ve paid, whichever is greater. This should give you tremendous peace of mind.
both parents can be protected
As parents, you may want to take out joint cover so that if something happens to both of you (at the same time or in quick succession) then your children will be provided for. The Lifetime Payback Guarantee allows you to sign up either as a single policy holder or become a joint policy holder with your partner (either initially or further down the line), giving you high levels of flexibility and the fullest amount of cover possible if you feel you need it.
assets can be protected
One of the knock-on effects of a loved one dying and not leaving any financial protection behind is the fact that assets such as homes and vehicles may have to be sold to pay the bills or simply because their upkeep can no longer be afforded. Having a policy like the Lifetime Payback Guarantee in place will ensure that this does not have to be the case.
standard of living can be maintained
In addition to the general protection of major assets, a life insurance policy will enable the standard of living currently enjoyed by your family to be maintained. Children can remain at the same schools and in the same homes, limiting the disruption to their lives, while partners can stay at the same jobs and pay for childcare instead of possibly having to leave.
If you are responsible for children or the provision of a partner in the event of your death, the Lifetime Payback Guarantee life insurance policy from British Seniors is a robust, clever piece of financial planning that could make all the difference to your family’s financial and general living circumstances when you’re no longer able to contribute.