Life insurance is probably not the first thing that will come to mind in that lovey dovey honeymoon period, or even when wedding planning but its definitely something to be aware of, and to look into going forward as you start you life together.
Life can be tremendously hard sometimes and all too often we hear stories of people snatched away in the prime of their lives who don’t get the chance to celebrate their golden years together.
Life in that instance isn’t fair at all so protecting yourselves and our families financial future is imperative.
Emma of Cover my Bubble explains…
Everyone has a ‘Bubble’ whether it’s your home, partner or children! Whether you are planning your wedding or are newly weds, you now need to protect your bubble.
Since life insurance is no longer a necessary requirement for a mortgage, more and more couples aren’t getting themselves covered for this extra commitment.
Getting life insurance can be a difficult decision, but hopefully this will put you at ease. Here we briefly explain some options that we offer.
Life insurance is the most common protection, but there are budget options like Family Income benefit and Living Cost Protection.
Critical Illness is more important, in a way, as you are more likely to get a serious illness (like cancer, heart attack, stroke etc.) during the term of the policy than dying.
What’s the best option for couples?
As every couple has different circumstances, it is important to get the most suitable and affordable policy for you and your family.
If you have dependents (people who rely on you financially) or a mortgage, we’d advise you need life insurance.
By having a policy in place, you gain peace of mind that your partner and children will be covered with a lump sum payment.
If you are debating between a single or joint policy, we have put together some key information to help you work out what’s the most suitable option for your bubble….
What is a single life insurance policy?
A single life insurance policy is designed to cover only one person. The policy will pay out the chosen amount of cover if the policyholder dies during the term of their policy.
Sometimes, couples will take out two single policies as they can then benefit from two separate payouts, each when they pass away.
This can help financially secure your dependants should the worst happen. By having two policies, if your partner died you would still have cover in place.
· You can have multiple policies
· There are different levels of cover available
· Each policy will pay out separately
Things to remember…
· If you have two separate single policies, they will be paid for separately and cannot be combined
· Each policy only covers one life
· If you get two policies, there are two applications forms to be completed
What is a joint life insurance policy?
A joint life insurance policy is designed to cover two people. It may sound obvious, but it is important to know that some policies can operate on a ‘first death’ basis.
When the first person dies the policy would end, leaving the surviving partner without cover.
· One regular payment, can be cheaper than two single policies
· Pays out no matter who dies first
· Available for unmarried couples
· Only one application form to be completed
Things to remember…
· Only one pay out, some include options to split policy in case of separations or divorce
· Policy automatically ends after a pay out
· Agreed lump sum only paid out if both partners died at the same time.
How can you get protection?
There are comparison sites and brokers that you can go to.
However, if you want a relaxed and friendly chat, to explain your options, Cover My Bubble offers free advice and quotes to help protect your bubble.
Its up there high on the list of those conversations which you would rather avoid, but that actually makes it all the more important to talk about life insurance.
When you are building a life with someone else, the foundations that you lay can feel more steadfast knowing the security that life insurance will provide should the worst happen.
To Contact Cover My Bubble
Phone: 01254 460880