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.
FREQUENTLY ASKED QUESTIONS
Your payment would not be subject to income tax; however, it would likely be subject to Inheritance Tax if you’re above the threshold. Therefore, we help our clients write their policies in trust to avoid this.
Depending on what they are, depends on the answer to this question. Most providers are happy to consider these options, however, it may require a report from your doctor or further information.
Life Assurance is not just for mortgage protection, but can be there to settle any existing’s debts, leave family some funds or even just to help with funeral costs.
Guarantor mortgages are now considered under Joint Borrower Sole Proprietor Mortgages, follow the link below to find out more! (LINK TO JBSP PAGE)
FREQUENTLY ASKED QUESTIONS
Depending on what they are, depends on the answer to this question. Most providers are happy to consider these options, however, it may require a report from your doctor or further information.
We believe that everybody needs some element of this cover. Often if you have an illness such as Cancer or a Heath Attack, there’s not only the physical and mental cost but the financial cost with increased fuel expenses travelling to check ups and treatment, time off work for recovery and even adaptations to your property.
The provider will just get out of paying any claims. It’s a common misconception that providers are out to get you. Many of our insurers pay over 90% of their claims each year, which if it was a lottery ticket most people would put their money on!
FREQUENTLY ASKED QUESTIONS
Some of the main claimed upon reasons with Income Protection are for things that aren’t covered under your critical illness polices like Mental Health and Musculo-Skeletal issues
The average claim on an Income Protection Policy with Aviva was nearly 7 Years (As of 2021), so it’s still really important to consider.
100%! These policies are usually financially underwritten meaning the provider will consider your latest years declared income for their policies.
FREQUENTLY ASKED QUESTIONS
An Income Protection policy will only pay-out on Accident or Illness and will end in the event of a death. This policy provides security for the long term
A Family Income Benefit policy is great for everyone that if the loss of an income would impact your standard of living so yes!
We’d typically recommend speaking with your family about the minimum you’d need to replace, to cover bills and general living expenses
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Revilo Life Ltd is authorised and regulated by the financial conduct authority FRN: 792586
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Bridgefold Road
Rochdale
OL11 5BX