Life insurance product guide
Level Term Assurance Product Overview
Term Assurance pays out a tax-free lump sum on the death of the life assured during a specific ‘term’. The benefits of the policy may be used to repay any outstanding debts or it can be invested to provide an income for your dependants’ indefinitely.
If you died tomorrow what income would your family need to maintain their standard of living, the mortgage may be repaid but what income would they have?
If you survive the term the policy ends with no cash value.
A very simple, easy way to protect your dependants or ensure debts can be repaid on death.
Varying elements can be included in the policy, e.g. indexation, this will increase the amount of cover you take out in order to keep track with inflation. If you need assistance with this or any other additional benefits, please contact one of our advisors.
Decreasing Term Assurance Product Overview
Decreasing Life assurance or mortgage life assurance is a term assurance product where the amount of cover decreases over the period of the policy.
This is usually used along side a repayment or capital and interest mortgage to ensure that the amount of mortgage is repaid if the life assured died during the term of the mortgage. As with Level Term Assurance, the level of cover can also include Critical Illness.Family Income Benefit Product Overview
Family Income Benefit will pay out a chosen amount of income not a lump sum. It is designed to replace any income lost through the life assured death. The amount paid will be tax free for the period of the policy.
If the policy were taken out for 20 years and the life insured died at the end of year 1, the amount of income specified would be paid for 19 years. If the life assured died after 18 years, the benefits would be paid for 2 years. After the term of the policy finishes all benefits cease.
Varying elements can be included in the policy, e.g. indexation, this will increase the amount of cover you take out in order to keep track with inflation. If you need assistance with this or any other additional benefits, please contact one of our advisors.
How much cover do I need?
- Deciding the amount of Life Insurance you require can be difficult.
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A calculator is available that will help you work through your financial circumstances.
- If you need any further assistance please do not hesitate to contact one of our advisors.
Term of the policy
Term of the policy – The term of the policy will depend upon how long you feel you need to be insured for, e.g. How long before your youngest dependant becomes financially independent.
Life Insurance only or Life insurance linked to Critical Illness
Currently 1 in 3 people suffer from a Critical Illness in their lifetime (BUPA 2007). If you have a need to protect your income in the event of a Critical Illness it may be cheaper to add it to the Life Cover in the same policy.
Guaranteed or Reviewable Premiums
Guaranteed premiums will not change throughout the duration of your policy. Reviewable premiums may be cheaper at the outset but will be reviewed every 5 years and may increase.
Obtain an Instant Life Insurance Quote on line or Contact one of our advisors for assistance.
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