Life Assurance Information

Life cover is planning for financial protection against death. Typically, life cover will pay a lump sum out to whomever you have nominated or via your will to your beneficiaries. The lump sum can be used to discharge a mortgage, debts, cover school fees or university fees and even cover inheritance tax liabilities in some instances. Some plans can provide an income instead of a lump sum, if you prefer.

You can also choose further add on benefits such as waiver of premium and critical illness, which will make the cover more expensive as there is more risk to the product provider that a claim may arise.

Waiver means your monthly premiums may be eligible to be paid by the product provider if you are off long term sick and unable to work because of this.

Critical illness covers you against an event happening such as a heart attack, a stroke, cancer, loss of sight, loss of hearing and so on. Upon diagnosis of an illness from a long list of conditions, the product provider will pay out a lump sum. This money could be used to discharge a mortgage, discharge debts, make changes to your home or lifestyle.

Life cover can also be arranged for specialist purposes in business such as covering ‘key’ employees, directors or business owners so that money comes into the business to pay off debts or cover recruitment and replacement costs. Other life cover may be useful in protecting shareholders/directors in a business for the value of their holding and ensuring the business will continue under the control of the remaining directors. These two types of planning are commonly known as Keyperson assurance and Shareholder Protection Planning.

Complete an enquiry form if you have any specific requirements.