Life Insurance
People who are employees may have what is called “death-in-service” benefits from their workplace, typically equivalent to two to four years’ salary. (We recommend you check if you have this if you’re unsure).
We will consider what life cover you already have from your employer and elsewhere. And then, provide a recommendation on any extra cover you may need.
There are different types of life insurance, “level term assurance”, which pays out a fixed sum if you die during the specific term of the policy. Alternatively “Decreasing term assurance” pays out a decreasing sum and is often linked to a repayment-style mortgage. This type of life insurance reduces over time to reflect the declining balance of the mortgage.
What’s covered?
Lump sum payment
Protection if you die
The policy pays a lump sum if you pass away during the policy term – simple as that
Terminal illness
The possibility to receive your lump sum payment early if you’re diagnosed with a terminal illness that meets the terms of the policy and you’re not expected to live longer than 12 months.
Flexible length of cover:
You can choose the length of cover you need. The policy may be short-term or long-term life insurance.
When a policy won’t pay out?
Not paying your premiums
If your payments stop, so does your cover. If it is found that you have not been honest with your medical history during the application process. Terminal Death outside the policy term illness
Terminal Death outside the policy term illness
You choose how long your policy lasts. Once it’s finished, then your cover will stop and you won’t receive a payment if you die
No cash-in value
The policy may have no cash-in value at any time
Suicide & self-inflicted injuries in the first year
Many policies won’t provide cover if you die in the first 12 months of the policy as a result of suicide or intentional, self-inflicted injury
Whole-of-life Insurance
Whole-of-life insurance pays out a lump sum whenever you die and has no fixed term, although some policies are reviewed after a specific period, usually 10 years. It is often used in inheritance tax (IHT) planning, where it is taken out to cover future IHT liabilities.
Where a policiy of life insurance is written “in trust”, the policy proceeds are IHT-free. The premiums you pay may also be exempt from IHT.
Life Insurance in the North West & across the UK?
Get in touch with our team to arrange your initial consultation.
We cover the following areas in the North West:
We operate throughout the UK. Get in touch with our team to arrange your initial consultation.