Life Insurance: Secure Your Family's Financial Future
Your World-Class Life Insurance Solutions
Choosing life insurance can feel like navigating a maze, especially if you've faced rejections elsewhere. At Goodniss, we understand that everyone deserves peace of mind, which is why we also offer specialised solutions designed for individuals who may have been turned down by other providers.
Our dedicated Goodniss insurance and protection advisors are here to guide you every step of the way. From the initial setup, where we take the time to understand your unique circumstances, to liaising directly with insurance providers when it's time to make a claim, we handle all the complexities.
At Goodniss, your happiness is paramount. We are committed to looking after you by finding the right products at the right price, ensuring you and your loved ones have the protection you need.
Let us take the burden off your shoulders and help you secure a brighter future.
Why Life Insurance Isn't Just a Policy, It's Peace of Mind. Following her husband's death, Sarah faced financial panic. She contacted Richard Hadley, who helped her claim on Mark's life and critical illness policies.
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What is Life Insurance and How Does it Work?
Life insurance is a type of cover that pays out a lump sum of money to your family and dependents if you pass away. It is designed to support those that depend on you financially, so they can be supported in your absence. For protection that pays out while you are still alive, you may also need to consider Critical Illness Cover. The payout can be used for mortgage payments, childcare fees or something as simple as the grocery shopping. Life insurance cover is tailored to each individual, so there is not one single, universal policy. With this in mind, the amount you will receive in a payout will depend on the amount of cover you had originally, so this is worth thinking about when you are deciding on your policy. While Life Insurance covers death and Critical Illness pays a lump sum for severe illness, you should also consider Income Protection which replaces your salary if you are temporarily unable to work.
Who Needs Life Insurance and Why is it Important?
Your personal situation will influence the level of cover you have, if any. Although life insurance isn’t a legal requirement it is extremely important, particularly if you have a family and children. Not only will your absence have an emotional effect on your children, it will also affect them financially, particularly if you are a primary household earner. Things like school materials and trips will carry on and with the help of a life insurance payout, your children won’t miss out. Having a marital partner is another valid reason to look into life insurance cover.
If you have a house with a mortgage together, a life insurance payout would mean you can contribute to the mortgage payments, so it’s not all left to your partner and they can remain in the family home.
If you are looking for a new home loan or reviewing your current mortgage deal, you can explore the full range of mortgage products offered via our regulated referral service.
To protect the physical structure and contents of the home itself against damage from fire or storm, you should also ensure you have comprehensive Home Insurance.
Comparing Types of Life Insurance (Term vs. Whole of Life)
There are lots of different life insurance policies available, but the two main types of life insurance are term life insurance and whole of life insurance.
Term life insurance – term life insurance is a type of cover that is set for a certain amount of time, usually determined by you. This means you are only covered during the time the policy states. The monthly payments for term life cover will be cheaper, but should you die outside of the policy period, you will not be covered.
Whole of life insurance – as the name suggests, a whole of life policy covers you for the entire duration of your life and will pay out no matter when you die. The monthly premiums are higher on whole of life cover, but you have the added reassurance that you will be covered for your entire life – which means you have one less thing to worry about.
Joint insurance – If you are married or have financial commitments with a partner or loved one, then it may be worth considering a joint life insurance policy. A joint policy is a cheaper alternative to a single policy but it does have a few downfalls. The cover will end after the first policyholder dies, so the remaining person will have to go elsewhere and get another life insurance policy. If they are older, this can be particularly detrimental because policies will probably be a lot more expensive.
How to Save Money on Your Life Insurance Premiums
One of the reasons people avoid life insurance, is because of the extra cost implications but from as little as a few pounds a week you could be protecting your whole family. With this being said, there are a few factors that can save you money on the cost of your life insurance:
Smoking – being a smoker can increase the price of your life insurance premiums because you are engaging in a habit that can shorten your lifespan and increase the risk of death.
The age in which you sign up for life insurance – if you sign up for life insurance earlier on in life, your premiums are likely to be less than if you signed up at a later stage. For those who are over 50 and want guaranteed acceptance without health questions, you should also review our specialist Over 50's Life Insurance with Guaranteed Acceptance.
Opting for a joint life insurance policy – although there are risks to a joint life policy, if you were looking for a cheaper life insurance option then it may be worth considering. Whether you are overlooking life insurance for the cost implications or if you simply weren’t aware of its importance, it really is worth considering. There are numerous levels of cover available, depending on your personal circumstance. Contact us and start protecting your family today.
Need Further Advice? Contact Richard Hadley Today
IMPORTANT: Policy Terms, Conditions, and Exclusions
It is crucial to understand that life insurance products are not without their complexities and limitations. While they offer invaluable financial protection, all life insurance policies are subject to specific terms and conditions, as well as various exclusions. These details are legally binding and define the circumstances under which the policy will pay out, and equally important, when it will not.
Before committing to any life insurance product, you must thoroughly review the policy document. Pay close attention to sections outlining waiting periods, circumstances that may void the policy (such as misrepresentation on the application), and specific exclusions related to certain activities, health conditions, or causes of death. Failure to understand these terms and exclusions could lead to unexpected financial hardship for your loved ones at a time when they are most vulnerable. Always seek clarification from your insurer or a qualified financial advisor if any aspect of the policy is unclear.