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Life Assurance(Insurance)
What is life assurance
Life Assurance, sometimes known as life insurance or term assurance, enables you and your loved ones to plan for the inevitable. In the event of your death, if you were to leave outstanding financial commitments such as a mortgage or other debt, or if your partner and dependants would struggle to make ends meet in your absence, payment from a life insurance policy will help with their everyday needs. Life assurance/life insurance offers peace of mind and security for you family.
What can it do?
Depending on the policy, life insurance can offer a lump sum or income upon death or critical illness (see also Critical Illness Cover), or can offer a replacement income if illness or injury stops you from working.
What types are ther?
Broadly speaking, there are two main types of life insurance plans: ‘mortgage protection plans’ and ‘level protection plans’. With a mortgage protection life insurance plan, the amount of cover drops each year, but providing interest rates stay below 10% the amount paid should still cover the outstanding mortgage loan. The payout on a level protection plan is guaranteed for the life of the plan.
Life assurance cover can be arranged for your own life and for that of your partner. It is also possible to take out cover for another person, provided that you would be adversely affected financially if they were to die or become critically ill. Several policies also include accidental death insurance.
Life Assurance made simple
With so many options available, expert advice is essential to navigate your way to the right insurance policy for you and your family.
Call us today on 0845 643 9920 for a no obligation discussion.
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