A Term life insurance plan is the most simplistic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one-off lump sum if you pass away during the policy term.
This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping cost to a minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or simply to ensure that your family is protected and provided for in the event of your death.
Whole of Life
This type of life assurance pays out when you die, whenever that may be. It is usually, but not always, a more expensive option than term assurance, simply because the life assurance company knows that it will definitely pay out at some point. Many of these plans offer some form of investment content and so can be more flexible than term assurance and can acquire cash-in values.
This type of plan is designed for those who want to leave a lump sum in the event of their death, whenever it may occur. A whole of life plan is often used to plan for a potential inheritance tax liability.
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often added to a Life Assurance policy as an additional benefit, but can also be a standalone plan.
This type of plan is designed for those individuals or families who want a lump sum if they are diagnosed with a serious illness. Examples of where this lump sum could be used is to repay a loan, mortgage or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age).
This type of plan is designed for anyone who is working (employed or self-employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection is essential. Plans can be adapted to fit in with any existing protection you might have.
Investment in the UK’s artificial intelligence (AI) companies has reached record levels after the first six months… twitter.com/i/web/status/11724…
Business secretary Andrea Leadsom will co-chair Business Finance Council to help small business access working capi… twitter.com/i/web/status/11713…
A new survey has suggested that almost half of over 55s are not feeling prepared for their retirement years.… twitter.com/i/web/status/11709…
to speak to a member of our team, please call 01489 668280
You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.
8 Barnes Wallis Road