| You Insure
your car each year with the cheapest provider
why not look at your life assurance in the same
way?
Life Assurance policies pay out either a lump
sum or a series of payments if you die during
the time period covered by the policy. These payments
are normally paid without tax being deducted and
for most people they are tax-free.
Mortgage Protection -
provides a lump sum to pay off an outstanding
mortgage if the policyholder were to die.
Whole of Life Assurance
- provides life assurance for the whole of your
life, guaranteeing that as long as you pay the
premiums (at the rate specified) they will maintain
cover for you. This is widely used to cover Inheritance
Tax liabilities.
Term Assurance - provides
money to pay off other debts if the policyholder
were to die. Unless there is a specific requirement
to be insured such as the repayment of a short
term loan, life insurance is rarely taken out
for less than 5 years. 15 to 25 years is more
usual.
Family Income Insurance
- provides an income, as opposed to a lump sum,
for your dependents. With this type of policy
the income is only payable for the remaining period
of the policy's term.
Critical Illness (also known as Terminal
llness Insurance) - provides the
policyholder with a lump sum in the event of them
being diagnosed with a serious illness. Critical
Illness policies can be taken out separately from
Life Insurance and usually, but not always, it
works out cheaper to combine both forms of insurance
into one policy.
The Life Insurance industry is highly competitive
and companies are constantly jostling for new
business. Rates are being dropped therefore the
policies you took out some time ago may be acheived
with cheaper premiums today.
Contact us and get a quote.
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