Verifi
Life Insurance
At Verifi, we recognise the importance of providing personalised insurance advice tailored to your unique circumstances. Our team of dedicated life insurance advisors don’t shy away from the uncomfortable but necessary conversations. With our help, you can develop a better understanding of your risk profile and plan for eventualities that might otherwise leave you or your loved ones in a difficult situation. Your life insurance advisor will guide you in exploring the wide range of life insurance options available, enabling you to make informed decisions about the level of coverage that suits your needs best. So, when life throws curveballs, rest assured knowing that with Verifi, you’ve taken the crucial steps to put the right cover in place.
Life Insurance
Many of us recognise the value of insurance for our possessions, such as electrical items, white goods, and pets. Additionally, an increasing number of people are opting for ‘gap insurance’ to safeguard their motor vehicles in the event of an unrecoverable loss. Some even insure specific components of their vehicles against damage.
However, why do so many of us neglect to insure ourselves? Perhaps it’s the taboo topics of illness and death, or maybe it’s the belief that if we ignore it, it won’t happen to us. But the reality is that the statistics may be shocking.
Our Risk Reality Calculator simply provides you with the facts based on your age, gender, smoking status, and planned retirement age. Sometimes, we must confront uncomfortable truths. If you’re willing to face reality head-on, complete the calculator.
If the results cause you to question the value of any of the aforementioned insurances in comparison to safeguarding yourself, don’t hesitate to contact our approachable advisers for an open conversation about how they may help you mitigate your concerns.
Different Types Of Life Insurance Policies
Level term life insurance:
Provides coverage for a specific term, such as 10, 20, or 30 years. The amount of coverage and the premium payments remain the same throughout the term of the policy. If the insured person dies within the term of the policy, the death benefit is paid out to the beneficiaries.
Whole of life insurance:
A type of permanent life insurance that provides coverage for the entire lifetime of the insured person. This type of policy includes a death benefit and a savings component that accumulates cash value over time. Premiums for whole of life insurance are typically higher than those for term life insurance.
Over 50s life insurance:
A type of life insurance policy designed for people aged 50 and over. This type of policy typically does not require a medical examination and provides a guaranteed payout when the insured person dies.
Decreasing term life insurance:
Similar to level term life insurance, but the amount of coverage decreases over time. This type of policy is often used to cover a decreasing debt, such as a mortgage, where the amount owed decreases over time.
Family income benefit:
A type of life insurance policy that pays out a regular income to the beneficiaries if the insured person dies during the term of the policy. This type of policy is often used to replace lost income and provide ongoing financial support for the beneficiaries.
Joint life insurance:
A type of policy that covers two people, such as a married couple. The death benefit is paid out when the first person dies, and the policy then ends. Joint life insurance can be more affordable than two separate policies, but the coverage may not be sufficient for both individuals.
Common Questions Answered
What is life insurance, and how does it work?
Life insurance is a contract between you and an insurance company. In exchange for a premium payment, the insurance company promises to pay a lump sum of money to your beneficiaries when you die. There are different types of life insurance policies, including term life, whole life, and universal life.
How much life insurance do I need?
The amount of life insurance you need depends on your specific circumstances, including your income, debt, expenses, and the financial needs of your dependents. As a general rule of thumb, financial experts recommend having life insurance coverage equal to 10-12 times your annual income. However, it’s best to speak to a life insurance advisor at Verifi to determine the appropriate amount of coverage for your situation.
Over 50s life insurance:
A type of life insurance policy designed for people aged 50 and over. This type of policy typically does not require a medical examination and provides a guaranteed payout when the insured person dies.
Why do I need life insurance?
If you have dependents who rely on your income or assets, life insurance can help provide financial security for them in the event of your unexpected death. It can also help cover any outstanding debts, funeral expenses, and estate taxes. Additionally, some people use life insurance as a way to leave a legacy or make a charitable donation.
What factors affect the cost of life insurance?
The cost of life insurance premiums is determined by a variety of factors, including your age, health, gender, occupation, lifestyle, and the type and amount of coverage you need. Generally, younger, healthier individuals who do not engage in risky behaviors will pay lower premiums. Additionally, term life insurance policies typically have lower premiums than permanent life insurance policies.
Joint life insurance:
A type of policy that covers two people, such as a married couple. The death benefit is paid out when the first person dies, and the policy then ends. Joint life insurance can be more affordable than two separate policies, but the coverage may not be sufficient for both individuals.
Why use a Life Insurance Advisor?
At Verifi, we understand the importance of securing your family’s future. Life insurance is a crucial step in that journey, but navigating the myriad of options can be daunting. This is where a life insurance advisor becomes indispensable. Our dedicated advisors offer expertise, personalisation, and support, ensuring you make informed decisions for your family’s security.
Expert Guidance
Our life insurance advisors are seasoned professionals, deeply knowledgeable about the diverse range of insurance products available. They stay abreast of the latest industry developments, ensuring they can offer up-to-date advice. By understanding the nuances of different policies, they can guide you towards the best options suited to your unique circumstances.
Personalised Solutions
Each individual and family has unique needs and goals. Our advisors take the time to understand your specific situation, including your financial goals, family structure, health considerations, and long-term aspirations. This personalised approach ensures that the life insurance plan you choose aligns perfectly with your personal and family objectives.
Navigating Complexity
The world of life insurance is filled with complex terms and conditions. Our life insurance advisors demystify these complexities, explaining policies in straightforward, easy-to-understand language. They help you navigate through the fine print, ensuring you fully comprehend the coverage you are choosing and how it benefits you and your loved ones.
Time and Cost Efficiency
Searching for the right life insurance policy can be time-consuming. Our advisors streamline this process, saving you time by quickly identifying the most suitable options. Moreover, they are skilled at finding cost-effective solutions that offer maximum coverage without overstretching your budget.
Ongoing Support and Review
Life insurance needs can change over time due to factors like changes in income, family dynamics, or health. Our life insurance advisors are committed to ongoing relationships with our clients. They conduct regular reviews of your policy, ensuring it continues to meet your evolving needs and make adjustments as required.
Emotional Support
Discussing life insurance often involves sensitive and emotional considerations. Our advisors offer a compassionate and understanding approach, providing support and reassurance throughout the decision-making process. Their empathy and professionalism ensure a comfortable and trusting environment for these important discussions.
Choosing a life insurance policy is a significant decision that impacts your and your family’s future. At Verifi, our life insurance advisors are more than just consultants; they are partners in your journey towards financial security and peace of mind. With their expertise, personalised approach, and ongoing support, you can be confident in making the best decisions for your family’s future.
Contact Us to Get Started
To explore how a life insurance advisor can benefit you. Our team is ready to provide you with the guidance and support you need to secure your family’s future with confidence.