Life Protection
There are several ways to protect yourself and your family in the event of an untimely death.
Many people choose life assurance to provide financial security for their loved ones and reduce money worries during a difficult time.
Level Term Assurance pays a fixed lump sum if death occurs during the policy term. There is no investment element, so at the end of the term, the policy has no maturity value and the life cover ends. The benefit is paid tax-free, with fixed monthly premiums throughout the term. Because both the term and benefit are known from the outset, and there is no investment component, this is a cost-effective form of protection.
Decreasing Term Assurance works in a similar way, but the benefit amount reduces over time. It’s often used to cover repayment mortgages or other loans where the outstanding balance decreases. As the benefit reduces, the premiums are generally lower than for Level Term Assurance.
Family Income Benefit works the same as term assurance but instead of paying a lump sum upon death, it will usually pay a regular monthly/annual tax free income in the event of death to your dependants up until the end of the term of the policy.
Critical Illness Insurance is usually available as an addition to all term assurance plans but can be bought on a stand alone basis. Critical illness provides a lump sum benefit / income in the event of diagnosis of certain critical illnesses, such as Heart Attack, Stroke, Transplant, Blindness, Total & Permanent Disability and so on. The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.
To discuss your requirements further, please speak with one of the team on 01772 702000