Protection For The ones You Love
What is Life Cover?
Life cover, also known as life assurance or life insurance, describes a range of measures you can take to help protect your family or beneficiaries from the financial issues they might face if you were no longer with them. . Whilst you may not know what the future holds, you can be sure that your loved ones will be financially safe should the worst happen.
We will undertake a comprehensive review and present you with a range of options that provide competitive premiums and facilities that protect against loss of income, capital liabilities (e.g. mortgages) or tax liabilities like inheritance tax. The type of product that will be best for you will largely depend on a range of personal and financial factors, so if you’d like to learn more –get in touch for an obligation-free chat about your specific needs.
Although there are many different types of life insurance policies and only through a full financial review can we ensure the correct policy type, here are a few different types with some brief details below:-
Level Term Insurance
This is where your policy will pay out the sum assured at the same amount in the first year as it would be for the last.
A policy that increases its sum assured payment each year is known as increasing term, and will generally rise by about 5% per annum. If you have increasing financial obligations over the years, or you simply wish for a higher payout in case of claiming on a policy, then this might be an option.
Similar to an increasing policy, the amount of money that is paid out instead decreases the longer the policy lasts. Generally these are taken out to reflect any capital liabilities you may have, such as mortgages, that will reduce with repayments. This may be a cheaper type of policy that can afford protection to your family for any outstanding payments you may need to cover after passing.
Family Income Benefit.
These policies are intended to meet the needs of parents with (or planning to have) children to offer protection in the event of their death(s). They provide for an income payable from the date of death until a fixed time in the future (e.g. the youngest child’s 18th or 21st birthday).
Whole of Life Assurance.
These are policies that provide life assurance for the whole of your life (as opposed to Term policies that could last for any number of years. For example a Term policy could last 5, 10 or 25 years then finish). Whole of Life insurance guarantees to pay out in the event of death, whenever it occurs, generally as long as the premiums are paid. The premium you pay may also include an investment element which helps to pay for the cost of cover over time.
To get the right answers to your personal circumstances it’s best to call in professional advice.
Life plans can also be written under trust. This may avoid having to wait for grant of probate and lengthy delays, at such a traumatic time. We ensure that the people who you want to protect, receive the money as soon as possible & when they might need it most.
*Please note that the Financial Conduct Authority does not regulate Trust Advice