Peace of mind for you & your family
Life can be unpredictable but with the correct insurance cover in place you can protect you and your family in the event of your death.
Life Cover is generally required if you have dependants or debts – most people will set up a life insurance plan to provide financial security for the family or to repay a mortgage/loan on death. These plans can be arranged in various ways.
Term life insurance
Or ‘term protection’ is over an agreed term. If you die or become ill during this term, your family will be provided for financially. It can give great peace of mind to have this cover for your key working years, when you may have dependents who rely on your income. The premium is also guaranteed never to increase.
Mortgage Protection
Mortgage Protection insures the balance remaining on your mortgage. It is similar to Term Life Insurance, it pays out in the event of your death. But the plus side to Mortgage protection is that it is cheaper than Term Insurance as it is a decreasing term. The plan is designed to decrease annually along with your mortgage balance (provided your mortgage is not on interest only). If you die within the term of the policy the mortgage will be cleared, if there is any surplus left it will go to your spouse or your estate. You are required to hold a mortgage protection policy on most mortgages and it is a condition of the loan prior to drawdown.
Whole of life Life
Or whole of life cover, as you’d expect, is an insurance plan that lasts for a whole lifetime, and is not limited to a specific term. If you pass away this policy will provide a lump sum payment to your family. It can also provide tax-efficient inheritance planning cover for your family, so as not to impact their inheritance.
Pension Term Protection
Is life insurance that covers the period of time up until retirement. If you die during this term (i.e. before retirement), your family will receive a payment to ensure they do not suffer financial hardship. Tax relief is available at the marginal rate of tax on the premiums you pay, as the plan is structured as a pension product.
On any of these plans we can tailor the plan to suit your needs and financial status. We discuss the term and sum assured of your policy with you. Many of the plans listed above can be also used for our corporate and business clients, we can liaise with your accountant to tax the most tax efficient route when setting up a plan. We ensure that the premium is affordable to you and is within your budget.
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