Life Insurance

Peace of mind for your loved ones

 

If you died tomorrow, would your partner, children or other dependents be able to pay the bills without you? It’s a tough question, but an important one to consider, especially when taking on a mortgage or other large financial commitment. 

Life Insurance provides financial peace of mind for your loved ones in the event of your death. It pays out a tax-free lump sum if you pass away whilst the policy is active. The money can help them to pay off the mortgage or cover other ongoing expenses in your absence. You can set up your life insurance in trust so that your beneficiaries receive the money sooner after your death, without being subject to inheritance tax (IHT).  

There are two main types of life insurance: term or whole of life. Term cover runs for a fixed period of time (eg. 5, 10 or 25 years) and only pays out if you die during the policy term. Term cover is usually on a decreasing, level or increasing basis. Which one you choose will be largely dependent on what type of mortgage you have, which is why it can be helpful to review your protection not only when you take out a mortgage, but also when remortgaging. 

As its name suggests, whole of life insurance lasts for the policyholder’s full lifetime, and guarantees a pay out no matter when you die, provided that your payments are up to date. Whole of life cover is typically more expensive than term cover, but the price of your premiums for both will depend upon a number of factors, including your age and health. 

Joint life insurance policies are available, however they only pay out once – usually after the first policyholder dies.

Try our protection quote tool below, or book a free consultation with one of our friendly advisers to discuss what best suits your needs.

 

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