Life Cover Policies
Protecting your family from the financial loss that would occur if you or your spouse/partner were to die prematurely is a prudent thing to do.
We can assess for you what the financial impact would be on your family if you were to die and calculate for you a suitable amount of cover, that is within your budget.
The amount you pay will depend on:
- your age;
- your health;
- whether you smoke;
- how much protection you want;
- how long you want the cover for; and
- the type of life cover
There are various types of life insurance cover such as;
Mortgage protection covers your mortgage if you were to die. The amount of cover decreases annually in line with your mortgage balance. As the sum insured decreases annually the cost is usually quite low relative to other types of cover.
Level Term Cover
With a Level Term plan the sum insured does not decrease annually, as such the sum insured for the same initial benefit as Mortgage Protection cover is more expensive. With both a Mortgage Protection plan and a Level Term plan you can add a conversion option to the plan, this will allow you to extend the term of your plan at any time before expiry without any additional underwriting.
Pension Life Insurance
The Pension Life Insurance can be more cost effect than other types of life cover because you can claim income tax relief on your payments. There are certain rules around who can qualify for tax relief on Pension Life Insurance. You cannot qualify for tax relief if you are an employee who is member of your company’s pension scheme.
Life Long Insurance
Life Long insurance continues for the whole of your life so is guaranteed to pay out the sum insured at some stage. For this reason, it can be more expensive than other types of life insurance. It may be suitable if you wish to have a guaranteed pay out at some stage to pay for funeral expenses or you wish to protect against inheritance tax.
Please contact us if you wish to discuss which type of cover is most suitable for you and your family.