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A deep dive on life insurance

This does not constitute advice. Professional advice should be taken prior to acting on any part of it.

Dental and Medical Financial Services Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority.

Having a plan for the future so your family is provided for, should anything happen to you, is essential and that’s where life insurance comes in. But, getting the right life insurance policy can be complicated as you need to consider many different factors, including which kind of policy you want – term life or whole-of-life insurance.

A deep dive on life insurance

With all the different options out there for life insurance, how do you know which policy is right for you? You’ll need to consider whether you need coverage for just yourself, or a policy that covers you and your spouse or any other dependents. You also need to understand how much you can afford, if you already have work benefits as a medical professional, and more. Perhaps the biggest decision you will have to make is choosing between term life and whole of life insurance.

What is term life insurance?

Term life insurance covers you for a fixed period of time (a “term”) and the payment is made in the form of a lump sum. Term life insurance is not only beneficial for providing financial security for your dependents, but you get to choose the amount you are insured for and what over term you want to be covered. The policy dictates a specified timeframe that your policy will pay out if you die, which means that your policy won’t pay out and your premiums won’t be returned to you so if you die outside of this window. 

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The two main types of term life insurance are ‘level-term’ and ‘decreasing-term’ life insurance.

  • A level-term life insurance policy pays out a lump sum if you die within the term. The amount you’re covered for remains the same, or level, throughout your term, and your premiums usually stay the same too. 
  • With a decreasing-term policy, your coverage decreases over the term of your policy. The amount you’re covered for decreases as time goes on, so premiums for these policies tend to be more affordable. 

What is whole-of-life insurance?

Whole-of-life policies provide a specific amount of coverage for the whole of your life and will pay out upon your death, no matter when you die. As a bonus, you can often secure critical illness cover alongside your life cover if it’s available from your provider.

Like term-life insurance, whole-of-life insurance pays a sum of money when you die (or when you become terminally ill, if that’s included in your policy.) The main difference is that your family can expect a payout whenever you die, and not within a specific term. So, you’re covered for the rest of your life. As a payout is guaranteed with a whole-of-life insurance policy, they are generally more expensive than term life insurance policies.

Professional advice for your life insurance needs

To ensure you’re selecting the right protection for your family, get in touch with your trusted financial adviser. Dental & Medical Financial Services will be happy to help you incorporate your life insurance coverage into your wealth protection plan and overall financial strategy.

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