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Life Insurance .... the real story!

Tuesday, February 21, 2017 11:52:00 AM

The stories surrounding Life Insurance can be off putting, meaning more and more families go unprotected each year putting themselves them at risk should anything happen to the main income generator.

We have looked at some of the reasons people dont get life insurance and hopefully helped make it a little clearer for you.

One - "Life Insurance is Expensive"
No. Life insurance can be cheaper than your Sky TV costs ... and surely is more important. We all love to watch the football or Coronation Street, but neither of these will take care of your family should the worst happen.

Love a few trips to your favourite coffee shop in the week for a cuppa and cake? 3 or 4 trips a month could cost about the same as your Life Insurance policy, but instead of a tall skinny Americano your family could get a £250,000 cash pay-out.

Tip: If you don't have a great amount of spare cash but still want protection, why not tell the insurance specialists here at The Mortgage Brain what you can afford each month and they will find a policy to best suit your budget.

Two - "My work give me a Life Insurance Policy, I Don't Need More Cover"
Not true! The policy provided by your employer will normally only cover you whilst you work for that company. The cover amount would often be a fixed amount and won't take into account personal finances such as mortgages, other debts or your lifestyle.  If you leave the company, or are made redundant the policy will quite often end.
The biggest catch of them all.. Some polices provided by employers will only cover you whist you're at work. That means if you get hit by a car on your lunch break you won't get a pay out!

Three - "I'm a stay at home Parent, I don't need cover, it's not worth it"
Your job is as important and the person who goes out to work every day.  The cost of someone to take on all of the 'stay at home parent' tasks is more than £31,000 a year*, if the worst were to happen and your family were left not only to grieve for you but to cook, clean, do the washing, clean the crayon off the walls, upkeep the garden, make the pack lunches, prepare the birthday parties, buy the Christmas presents' the list is endless then I'm sure they would need some help which will cost money.

The main breadwinner will eventually return to work but all of these things are what make life normal and a little more stress free. For a small monthly payment, you can cover yourself against this eventuality.

Four - "I'm not in great Shape & have been ill  - I Won't Get Insured"
Not true! We have Insurers on our panel that don't even ask any health & lifestyle questions, so no matter what your previous or pre-existing medical conditions we can look to offer you cover.

Don't get me wrong, your policy might be a little more expensive, but the peace of mind knowing that your family aren't going to be left with a huge funeral bill will be a greater comfort to you.

Five - "I've seen TV adverts! I will get a better price online"
Ah Ha! We've seen those adverts too! The problem with using an online system is that, you don't always actually know what you're getting for your money and quite often it doesn't do what it says on the tin.

You wouldn't want to think you were buying fully comp and only ending up with third party because you saved yourself £5 a month by doing it online. Here at The Mortgage Brain we can help you make the right informed decisions, allowing you to know exactly what you are covered for, and at a competitive price too.

Online prices are normally ALL pre-medical prices so as soon as you tell the computer that you have a condition the price could double; but unless you are speaking to a specialist on the phone you can't go into detail about medication, test results, doctors' advice. You may find that speaking to someone on the phone in fact SAVES you money because you can explain your circumstances rather than being classed as high risk.

We hope this has helped you in some way.

If you need any insurance help or advice, please talk to us here at The Mortgage Brain. You can call us on 0333 340 8888 or email

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