Life Cover - Understanding the basics
Life is full of uncertainty and no one knows what to expect at any given minute. As such, Life Cover becomes important, especially for anyone with a family depending on them. With the state of the world becoming increasingly unpredictable, one would think Life Cover is a top priority in every household but research shows that only a third of households have at least one person with life insurance. At FRANK, our best guess for the fact that some people still haven’t insured their lives is that there’s a lack of information.
Life Cover from FRANK is an insurance product where you enter into an agreement with us, pay monthly premiums and your beneficiaries receive a payout when you die. It only works if you’re covered at the time of death, which means you can’t leave it until the last minute (unless you have FRANK on speed dial and can answer questions about your health and personal details very, very quickly). Life insurance is important to cater for your family's financial upkeep especially if you’re the breadwinner and paying off a bond.
Call FRANK on 0860 722 227 to speak to one of our agents.
How to choose your life insurance policy
- At FRANK, we offer whole life insurance with a number of benefits for you and your family. Here we explore how to go about choosing the right level of cover for you.
- Evaluate your current situation - Before getting insured, assess your income in relation to your family's needs. The amount of cover you need will depend on a number of factors. This could be anything from how much you can afford to what you would like to offer your beneficiaries if you had to die suddenly.
- Consider your age - When you start working, your cover may start out at a fairly small amount. However, if you’re getting older, it will benefit your children to increase your coverage as you’re likely to have more financial responsibilities. Any reputable insurer should be ready to give you the information you need to avoid stacking money where it isn’t needed.
- Assess the insurer - Before entrusting the future of your family with any company, make sure you have a clear idea of what they’re offering you. FRANK is backed by Munich Re – the world’s leading reinsurer. This means you never have to worry about us having money to pay your beneficiaries.
- Constantly evaluate your family's needs - Over time, you need to re-evaluate the needs of your family. If, for example, one of your children decides they want to be a rocket scientist, they’re going to need money to reach that dream. If your children show such great promise, then increasing your level of cover is a good option.
Using a reputable insurance company like FRANK means investing in comprehensive Life Cover that’s straightforward and will financially benefit your family when you die.
Call FRANK on 0860 722 227 to get insured today