Life Insurance

Protecting your family & lifestyle

Life insurance provides a lump sum or income payment should you pass away. You can opt for level or decreasing cover, which protect your loved ones financially, enabling them to pay off your mortgage or any other debts should the worst happen.

Most commonly, people consider life insurance for a mortgage or to protect their family. Other uses include covering an Inheritance Tax liability or Gift Inter Vivos.

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Disclaimer

Please note: these plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. 

What types of Life Insurance options are available?

Term Assurance | This type of cover is typically used with an interest-only mortgage. In the event of your passing, it will provide your family with a lump sum and can generally be taken out to a maximum age of 90. This cover can be used in a multitude of ways.

Decreasing Life Cover | This type of cover is usually taken out with a repayment mortgage. This is generally the least expensive option, as the sum assured decreases in line with your mortgage.

Family Income Benefit | This type of cover is usually taken out to cover income lost in the event of death. This is a cost-effective way to provide income support for your family in the event of your death. It pays out a monthly, tax-free income and is generally taken out until your youngest child reaches financial independence. It can be used in a multitude of ways.

Whole of Life | This is guaranteed to pay out and is paid as a lump sum. This is generally used for Inheritance Tax purposes, but can also be used to provide a legacy or to cover funeral costs. This policy has no term and will end at your passing.

Relevant Life Cover | This is specifically for clients who have limited companies. Essentially, it is a death-in-service policy with potential tax benefits. It is a lump sum payment, but has limitations and should only be used with the right advice.

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Are there any additional services to consider with Life Insurance?

Critical Illness Cover | This can be added to your life cover and provides a lump sum in the event of diagnosis of a critical or serious illness.

Considering that you are more likely to be diagnosed with a critical illness than pass away during your working life, this is certainly something to think about. However, with critical illness cover, you get what you pay for and the most cost-effective option could mean a bare-bones policy. Therefore, seeking advice on the market is essential and our advisers will guide you through various options to ensure you can make an informed decision that suits your budget.

Critical Illness

Disclaimer

Please note: these plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan.

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