Life Insurance
Protect your loved ones by leaving behind a lump sum of money when you pass away. Plans can be arranged to cover you for a set period of time, for the whole of your life, or even on a decreasing basis to protect a reducing debt, such as a mortgage.
What is it?
Life insurance is a policy which is designed to leave behind a lump sum of money for your chosen beneficiaries in the event of your death. You will pay a monthly premium and if your death occurs during the lifetime of the policy, a tax free lump sum will be paid out. The amount paid out from the policy will be determined by you at the start of the policy.
What options are available?
There are several types of life insurance policies which can be taken out depending on the goal. These include:
- Term policies – policies which are taken for a fixed term and can be set up on a level, increasing or decreasing basis. Decreasing cover is most commonly used for mortgage protection.
- Whole of life – these policies will pay out a lump sum on death regardless of when your death occurs which is where they differ from term policies.