A life insurance policy is designed to assist your family or chosen beneficiaries in the event of your death
At the basic level, these policies are simple to understand. In the event of death, a pre-agreed sum is passed to your nominated beneficiaries for their use. However, there is a wide range of policies available which can provide additional features such as providing an income for beneficiaries, pay inheritance tax liabilities or protect certain liabilities, such as mortgages and loans.
There are two main options:
Whole of Life insurance – This provides cover for your entire life – these types of policy are usually used for paying an expected Inheritance Tax bill or to assist with the costs of funeral planning
Term life insurance – This often costs less and will protect you for a specified period of time. These policies can be used to protect a young family from the effects of a lost income or against a liability, such as a mortgage, which ends on a certain date. Payments can be made to your beneficiaries as one lump sum, or as an income depending on the type of policy you choose.
It is important to consider that changes in your personal circumstances such as income, career changes, relationship changes or short-term and long-term goals mean the type and amount of insurance you need may also have changed. We can help you review the situation, decide what would be required and propose solutions that work within your budget. We will then continue to review these policies with you should you wish to ensure that they remain on track to assist you with achieving your financial goals.