Life Assurance Tailored To You
Life assurance is there to protect you and your loved ones from the unexpected life events that affect us all. Your life assurance policies should reflect you, your circumstances and what you need them to do. Our consultations and advice are free of charge and there is no obligation.
Life Insurance (Decreasing Term Assurance or Level Term Assurance - DTA/LTA)
Term life insurance pays a tax free lump sum to a your spouse or named person(s). It covers you for a specified amount of time – or the term of the policy, from 1 year or 50 years.
In general, life assurance policies are put in place to cover mortgages, but we can also look at protection to cover any other debts and children up to 18 or 21.
We can also offer Whole Of Life cover for a limited amount of £10k to cover funeral expenses alone.
Critical or Serious Illness Cover (CIC/SIC)
Critical or serious illness cover pays out a tax-free lump sum if you're diagnosed with, or undergo surgery for a policy defined health condition. Cancer, strokes and heart attacks being the main reasons.
It's designed to help support you and your family financially once you have been diagnosed so you can focus on your recovery without worrying about how the bills will be paid.
Critical illness insurance usually doesn't pay out if you pass away. This is where life insurance comes in.
Family Income Benefit (FIB)
Family income benefit is a type life assurance. It pays a monthly tax free income to the policyholders family instead of a lump sum on death or diagnosis of a terminal illness.
Generally speaking, we would look to set the plans up to replace the net monthly of the main earners in the family to to keep that income going up until any children have reached a dependent age. That age is not set in stone and your Advisor will help you to set this at a reasonable point.
Like most insurance plans, FIB can be written into trust to ensure the money gets to it's intended recipients and does not form part of the planholders estate for IHT purposes.
Income Protection (IPB) & Personal Sick Pay
Income protection insurance is a long term insurance policy, designed to help you if you are unable to work due to an accident or sickness.
Income protection insurance pays you a regular, tax-free income that continues until you return to paid work or retire. There are also budget and personal sick pay plans that are limited to a 1 or 2 year payout.
If you were unable to work, and your sick pay ran out, could you afford to pay your mortgage and other household bills? The last thing you need whilst unable to work, is the additional worry of keeping on top of your bills, especially your mortgage.