Life insurance

Life insurance

Having life cover is beneficial for your family should you, unfortunately, pass away or are diagnosed with a terminal illness at some point during your policy term. Your life insurance will offer a pay out for your family, either in the form of a cash sum or regular benefits, depending on what you selected for your policy. 

Running a home, paying a mortgage, and raising a family until they are financially independent (which is becoming later and later in their lives) are all everyday expenses you need to cover. Without the protection of an insurance policy, your loved ones may find they have little to no financial provision for living costs if you should die.

You may think it won’t happen to you and you have no need for life insurance. However, this is something out of our control and we don't know what life has in store for us!

Reasons for life insurance

Buying a home
Life insurance is designed to provide financial support to your loved ones in the event of your passing. If you die before the mortgage is fully repaid, your loved ones will have to pay the bill. Life insurance provides them the financial security of repaying the mortgage and/or a lump sum towards the monthly repayments.

Getting married
Make sure your wife/husband is financially secure should the worst happen.

Raising a family
It’s expensive raising children, particularly when you factor in education and university, but you wouldn’t change it for the world. So, make sure their world doesn’t change for the worse should something happen to you.

Planning a funeral
When you die, do you want the financial burden of your funeral costs to be left to your loved ones? No, we didn’t think so. Over 50s life cover could go a long way to covering those costs and give your loved ones peace of mind.

Proceeds of these policies can be used for payment of, or towards, the cost of a funeral, following the death of the person who is insured. You could pay out more money in premiums than the policy pays out. This policy is not a savings plan and has no cash-in value. Due to inflation, any amount paid out may not buy as much in the future as it would now and may not cover the full cost of a funeral. If you stop paying premiums before age 90, the cover will end, and you won't be entitled to claim any money back.

Inheritance tax
When you pass away, your loved ones have to deal with paying Inheritance Tax on your estate, which could mean there’s nothing left to leave your spouse/partner or children. Probate is painful and can be a long process, meaning they don’t receive a penny until probate is granted and your estate is released, but the tax must be paid before this stage. A life insurance trust policy can help ease the burden, cover the tax liability, and save your loved ones from being out of pocket.


Cochno Financial Group Ltd, Registered Company Number: SC688947, Registered in Scotland, Registered Address: 2 Barra Road, Old Kilpatrick, G60 5HS.