Life Insurance

There are different types of protection available for different people and different purposes. Plans can be taken out to protect yourself your dependants, your business or even key employees within your business.

Whole of life policies are ongoing policies that pay out when you die, whenever that is. Because it is guaranteed that you’ll die at some point and therefore the policy will pay out sometime in the future, these policies are more expensive than term assurance policies, which only pay out if you die within a certain timeframe.

Whole-of-life policies can be a useful way to cover funeral costs or a possible inheritance tax bill.

Family income benefit life insurance is a type of decreasing term policy. Instead of a lump sum, though, it pays out a regular income to your beneficiaries until the policy’s expiry date if you die.

With a decreasing term policy, the amount you are covered for decreases over the term of the policy. This type of policy is often used to cover a debt that reduces over time, such as a repayment mortgages.

Premiums are usually significantly cheaper than for level term cover as the amount insured reduces as time goes on. The monthly or annual premiums you pay can be guaranteed or reviewable.

A level term policy pays out a lump sum if you die within the specified term. The amount you are covered for remains level throughout the term. The monthly or annual premiums you pay can be guaranteed or reviewable.

Level term insurance can provide cover for interest only mortgages, not covered by an endowment or family protection providing a lump sum for the surviving partner to provide for the family.

Term Assurance is the most basic type of life insurance. With term insurance you can choose the amount of cover you want and the term you want it for. If you die within the term, the policy pays out to your beneficiaries. If you do not die during the term, the policy expires and the cover ends. There is no surrender value with this type of policy.