7 Life Insurance Benefits You May Not Know
Learn more to get the right policy for you
Life insurance is the ideal way to protect your family if you should pass away. Life insurance benefits are vast. Here are 7 you may not know:
- You can arrange a policy to cover make up lost income by basing your policy on multiples of your salary.
- You can protect your family by insuring yourself for the remainder of your mortgage and other liabilities you may have.
- You can take a policy with life insurance benefits that would provide your family with an income should you pass away. This is known as a ‘family income benefit’ or FIB.
- Terminal illness protection pays out if you are diagnosed with less than 12 months to live giving you the opportunity to get your affairs in order before you pass away.
- You can add gift inter vivos as a life insurance benefit which helps against inheritance taxes.
- Accidental death benefit defines an accident as an injury sustained by accidental means that ends up with death and won’t pay if you die of natural causes. Suicide, dangerous sports, war, takes drugs or alcohol are normally excluded from this cover.
- Critical illness cover can be combined with life and terminal illness plans. It covers specific illnesses such as heart attack and cancer. Typically there are a much greater number of claims on critical illness insurance than on life insurance policies.
At the Mortgage Advice Center we specialise in finding our clients the right life insurance policies to suit their needs. After taking some personal details, we consider all life insurance benefits to match a policy to our client’s coverage requirements.