What is Life Insurance? – A Royal London Explainer Video

Building a solid foundation for your family is one of the most important things you’ll ever do So if the worst happens, you need to be sure that there will be money to support anyone you leave behind That’s why Royal London life insurance exists Life insurance is more straightforward than some people think You pay a fixed monthly amount, and if you die while covered by your plan the policy will pay out There are many types of life insurance The life insurance policy you choose will depend on all manner of factors Whether you have dependents If you have a mortgage, and what type of mortgage you have So if you wanted to take out life insurance, what are your options? Level cover provides the same cover and pays out the same amount when you die, regardless of inflation or how close the policy is to its end It is usually taken out with a mortgage, and lasts for the same period If you are still alive when it ends, your cover will end Decreasing cover is also usually taken out with a mortgage

But with this type the amount paid out reduces as the policy goes on, so it can be used to help clear a debt that also reduces Both these policy types pay out a lump sum on your death Both can repay a mortgage, but in slightly different ways In contrast, family income benefit pays out a regular tax-free income to your dependants This is designed to replace missing earnings, from death up to the end of the policy The life insurance policy you choose will depend on who you are But whoever you are and whatever your situation It’s crucial to think about life insurance now so that the people you love will be protected if you die Help protect your family from £5 per month, just 17p a day

Source: Youtube

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