Life Insurance

At SMH Financial Services, we understand the importance of protecting your family’s financial security. That’s why we advise on life insurance policies.

What is life insurance?

Life insurance, which can also be known as life cover or life assurance, is cover that pays out a lump sum if you, the policyholder, pass away during the policy term. It’s there to provide some financial support for your loved ones after you’re gone, whether that means helping to pay off the mortgage or maintaining their standard of living. There are usually two main types, term life insurance and whole life insurance.

Benefits of life insurance

  • Financial protection for your family, helping to secure their future even if you have limited savings.
  • A cash sum to cover ongoing living expenses such as mortgage, rent, or childcare.
  • Easing the burden and reducing stress for your loved ones after your passing.
  • Providing continuity for your family, allowing them to remain in their home.
  • Mitigating the impact of a lack of savings.

Do you need life insurance?

It’s suitable for you if you have:

  • Dependants, such as school-age children
  • A partner who relies on your income, or
  • A family living in a house with a mortgage that you pay

How much is life insurance?

The cost varies, depending on a number of factors such as:

  • your age
  • your health
  • your lifestyle
  • whether you smoke
  • your family medical history
  • the length of the policy
  • your occupation – a high-risk job might push your premiums up.

The price is also affected by the level of cover you buy. The amount of cover you need will depend on:

  • any debts
  • mortgage/rent
  • number of dependents
  • take-home pay or income from other sources.

If you would like to arrange an initial meeting with one of our financial advisers, please contact the SMH Financial Services team on info@smh.group or 0114 266 4432.

Financial protection policies typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.