Garfield and Bland's Life Insurance

If you have some one dependant on you perhaps children or a partner - a life insurance policy is a good thing to take out as it protects your dependent on any debts you may leave or if you have an income that they depend on the policy would help them financially.

In the event of the death of the insured - the policy will pay out usually a tax-free sum to the insured beneficiaries i.e. your children. Protect them from any debts still owed like Mortgages or Loans, but also financially support them with a monthly payment.

Life policies can be taken out by one person, or two (sometimes more) people can apply for a joint policy. In the latter case, the parties need to have an ‘insurable interest’ (eg: spouse/partner, joint holders of a mortgage, etc). In the case of joint policies the sum assured can either be paid out in the event of the first death or second death.

Do you have a mortgage?

Are you sure that your mortgage would be paid off if you die? If not, you could be leaving your dependants with a large debt and the risk of losing their home.

Do you have dependants?

If so, life cover is’t something you should ignore. However financially comfortable you are at the moment, things could be very different for the people you care about if you die.

Are you the main breadwinner?

If you are have you considered how your family would cope without your income?

Do you rely on your partner’s salary?

How would you cope without your partner’s income? If you currently stay at home and look after the family, how would your partner cope if you were no longer around? They may have to give up work to raise your children or pay out for childcare.