A life insurance policy helps protect your loved ones financially if the worst were to happen or you get ill.
Life Assurance is a policy taken to ensure a lump sum payment is paid to your loved ones/beneficiaries in the event of your death in exchange for a monthly premium. Most providers also cover events such as terminal illness or critical illness which can also trigger a payment. Checking your policy documentation is crucial to understand the level of protection, however our team will always discuss with you the disclosure of information and accuracy of all documentation.
A Life Assurance payout can be used to provide your family with financial support upon your death, maintain a standard of living, pay a pending Inheritance tax bill or support your dependants through later life.
A variety of policies can be taken as Family Protection. A decreasing term assurance can be used to settle a mortgage and protect your family home. A Decreasing Term Assurance policy will decrease the sum assured in line with your mortgages interest rate. A Level Term Assurance which provides a lump sum payment can also be used instead of, or in conjunction with a decreasing term assurance and this will provide additional financial security for loved ones or dependants.
Income Cover for Sickness or accident if someone can’t work because of illness or injury and meets the insurer definition of incapacitated. This cover would also include waiver of premium where the insurer would pay the plan premium throughout the period of sickness. This can be written as a long term policy that does or does not include cover for unemployment, dependant on your requirements. These policies can be written with varying monthly benefits from 12 months to long term with the premium being reflective of this. Up to 65% of annual salary is available dependent on the provider.
Personal Protection offers a range of covers. You can choose just one cover or a combination to suit your own particular situation, as well as single or joint life policies. As needs change, cover can be adapted or changed to ensure that you have adequate cover in place. With some insurers, a policy can be written up until age 100, or where clients have a higher budget, a whole of life policy can be put in place as a funeral plan or to leave family financially stable.
Any life assurance policy which is not a joint application should be written by way of a trust which gives you the flexibility to assign trustees over the sum assured once claimed and for them to follow your wishes with who you require the money to go to i.e. a beneficiary or multiple beneficiary as a percentage split.
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