Many of us will at some stage in our lives have the need for life insurance. Life insurance is an agreement between you and an insurer and under the terms of a life insurance contract, the insurer promises to pay a certain sum to a designated beneficiary when you die, in exchange for your premium payments.

Why would you need life insurance?

The most common reason for buying life insurance is to replace the income lost when you die. For example, say that you work, and that your income is used to support yourself and your family. When you die and your income stops the life insurance proceeds can be used to continue to support the family members you’ve left behind.

Another common use of life insurance proceeds is to pay off any debts you leave behind. For example, mortgages, car loans, medical bills, and credit card debts are often left unpaid when someone dies. These obligations must be paid from the assets left behind but can deplete the resources that your family needs. Life insurance can be used to pay off these debts, leaving your other assets intact for your family to use.

Life insurance creates an estate for your heirs and can protect their standard of living. After your debts and expenses are paid, there may not be much left over for your family but life insurance can automatically provide assets for them after your death.

Why use an independent adviser when buying Life Insurance ?

A bank or an online provider can only usually sell Life insurance products from their own range , this service can mean that you may have the wrong product for your particular needs and could result in you over- paying possibly by thousands of euros over the term of the insurance.

Independent financial advice is considered the gold standard of financial advice since it offers access to and guidance on a huge pool of products. This option allows you to have a qualified professional review of your financial situation, determine your needs and search all the options for the best value policy.

This service can now be brought to you through SMM Group by means of the cooperation with insurance brokers.

For further information, please contact us on +356 2123 7167 or via email on info@smmgroup.com.mt