Life Insurance is one of the most important investments that can be made. For those that are at risk of losing their jobs, a family could be torn apart or have a huge debt to pay off, a policy can be the answer to financial security. Although the concept of the insurance has been around for many years, it has not really taken off in Northern Ireland until recently, where there are now a large number of insurance companies operating and many more plans to choose from.
Many of the insurance companies are based in Belfast, which has become home to some of the leading insurance companies in the UK and throughout Europe, offering a number of options for life insurance and also annuities. Some of the leading companies are offering the option of a guaranteed annuity, with a monthly payout. This guarantees that no matter how difficult the financial situation becomes, the person will be able to have a fixed monthly payment, no matter what the circumstances are. The monthly payment is usually a fixed rate of interest, with a lump sum of cash at the end of the policy.
Many people find that they have many different options when it comes to insurance, and as a result, there are many different types of policies available to choose from. People may want to consider taking out a policy for themselves, their family and their dependants. If the family has an elderly member who is unable to do the activities that they do, such as shopping or eating out, then the insurance may be used to provide a fixed monthly income.
When it comes to life insurance, people can also choose to take out a term policy, which is a good option for people who have children. With a term policy, the amount of money that is paid in the first few years of the policy is known as ‘annuity income’. This is money that the policy holder can use to provide for the needs of their family.
This money can then be invested, with the annuity income being used as a source of income for the people in the future, allowing for a number of different scenarios. For example, the annuity income can be used to fund a retirement for the family, or used to provide the income for the family when the insurance is sold. In the event that someone in the family is unable to work, then the money that is left behind can be used to provide the income required for the family to live the life that they would like to live.
Life insurance can be a very important investment, providing financial security for many people and providing a level of peace of mind. However, the way in which it is obtained can be a key factor in the success of a policy, and a policy holder’s success in the future.