It’s important to understand that life insurance policies are not location-specific. You can apply for life insurance whether you work remotely, in a co-working space, or in a coffee shop. However, the requirements and costs may change based on aspects like age, health, and lifestyle.
One benefit of life insurance is that it can provide some level of financial security for your family. If you are the primary breadwinner as a remote worker, your death could leave your family in a difficult financial situation. Life insurance could provide a source of income replacement for your family. This could allow them to maintain their standard of living and pay for expenses like mortgage payments and bills.
The main types of life insurance
When choosing life insurance, there are many options to consider depending on your personal circumstances. The main types are term and whole-of-life. Term life insurance provides coverage for a set period of time. If you pass away within this time your loved ones will likely receive a payout. Whole-of-life insurance provides coverage for your entire life and will likely pay out to your loved ones no matter when you die.
Other types of life insurance
There are other types of life insurance that may be best for your individual circumstances. Such as family income benefit, mortgage protection insurance or critical illness cover.
Family income benefit functions similarly to term life insurance in that you are covered for a specific period of time. The difference is that if you pass away during the policy term, your family will receive regular payments rather than a single sum.
Mortgage protection is occasionally referred to as decreasing life insurance. It is intended to pay off your mortgage in the case of your passing. The reason it decreases is because throughout the course of your life you pay more towards your mortgage. This means you require less coverage to pay it off when you die.
Critical illness cover is designed to provide a lump sum payment if you are diagnosed with a critical illness specified within your policy. This way, you are financially supported if you can no longer work due to your illness or need specialist medical treatment or equipment.
Overall, although life insurance is not location-specific and won’t likely be impacted by working remotely, it is still important for remote workers to consider a policy anyway. You can receive a personalised, tailored quote on our website. We work with some of the UK’s largest life insurance partners to find the right deal for you.
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