Pinnacle Life has announced the introduction of a tool that allows people to understand how much life insurance cover they really needed. The tool is designed to identify important people in a user’s life and the user’s worry as well as the household income of the user. Once all details are provided, Pinnacle Life provides figures on the amount people with similar incomes spend in a month on insurance cover. Based on the user’s worry, Pinnacle Life also provides information on the types of cover and amount. Although the information is not personalised advice, there are "get more advice" and "get covered now" features available.
“Up until now, if you knew you needed life insurance, you could use some simple calculators that considered your financial needs, or you could talk to an insurance adviser. Pinnacle Life has always offered life insurance directly, but we couldn’t help you work out how much you needed in a thorough and sophisticated, and regulated, way. Now we can.
The tool starts by asking you to think about who’s important to you, and who relies on you for financial support. It then takes you through a step-by-step process of working out what your drivers are for getting insurance, what you worry about and your financial circumstances. We give you some things to think about along the way, but the more you tell us about you, the more we can tailor the advice to your situation. This includes telling us about your family, your health, your finances and any life cover you have already.
The cool thing is it doesn’t take very long to go through the whole process, and you can do it as many times as you like. To make it even easier (and quicker) get any details about your finances ready before you start – things like how much you earn and the amount of assets or debt you might have. You can do it on the couch in front of the tv and wearing your pajamas if you like, at 3 in the morning when you can’t sleep, on your own or with your partner, it’s up to you.” Click here to read more
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