Life Insurance News
IT contractors urged to have life insurance
Contractors should ensure they have life insurance to guarantee the financial future of their dependants by replacing the lost family income in the event of a death.
This has been stated by IT industry independent financial advisers Contractor Money, which has said it is vital for those working in the sector to take responsibility for their financial stability.
A variety of life insurance policies that can be tailor-made to suit every individual's needs are available on the market, including term life cover and whole-of-life insurance.
Consumers worried of the effect of their dependants getting a lump sum and subsequent lower incomes could opt for a family income benefit plan to complement a term cover, recommended the experts.
Designed to provide a set income after death for the entire term of the policy, this plan can not only cover household bills but help to educate children, said the firm which, however, recommended a level term policy.
This is because this policy "will pay the fixed sum regardless of how far into the term your death occurs" unlike decreasing cover, which can be low if death occurs towards the end of the policy.
A recent Scottish Provident poll revealed that cost is putting people off life insurance.
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