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Life Assurance

Life Assurance

Did you know?
  • Over 1300 people die every day in England & Wales (Source: Office For National Statistics (2010 Figures) - July 2011).

  • Every week over 4000 people are killed or injured in road traffic accidents (Source: RoSPA - Oct 2011).

  • The life expectancy at birth for a male in the UK is 77.9 years(Source: Office For National Statistics - June 2011).
Why do you need it?

When you die, your estate along with all your debt is normally inherited by the loved ones you leave behind. A simple life cover plan can be set up to repay that debt making sure that any assets you have such as the family home are left to the ones who need it most. Often the loved ones you leave behind can not afford to continue with the debt or their standard of living without your income.

What is it?

A Term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a specific amount, over a specific term. It can be set up to cover more than one person. Normally if you have a joint mortgage then both people need protecting. It can also be set up so the amount of protection either reduces in line with your debt, stays level throughout the term or increases inline with your increasing need. This sort of policy quite simply pays out the specified amount should you die during the term of the policy.

With some term insurance policies you can add additional benefits, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.

Who is it for?

Life Cover is can be used to repay any debts but particularly mortgage debts. It can also be used to provide a lump sum to leave behind for any one who is financially dependant on you such as young children or spouses. Life cover can be written in trust, normally free of charge to make sure the people you want to benefit can benefit quickly and when they need it most. TRUSTS ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

It is important to remember that when you die your debts become the liablity of the estate you leave behind.

Ask yourself these few simple questions:-
"If I died who would pay the mortgage and how would they pay it?"
"If I died how would it effect the financial well being of the loved ones I leave behind?"

If you would like to review your needs please contact us.

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