Advice on life assurance – a vast subject – is one of our most popular services. Over many years, we have built extensive knowledge in all aspects of life assurance, including …
Whole of Life Assurance
This is aimed primarily at protecting the dependents of the Life Assured and to protect the value of the estate on their death from inheritance tax. Whole of Life Assurance pays out the value of the cover on the death of the assured person providing the cover is in place at the time of death.
There are many Term Assurance products on the market but they all share a common feature – that is, the sum assured is only payable if the death of the Life Assured occurs in a specific time frame, ie, the term. Because Term Assurance is the most basic type of Life Assurance, it is the cheapest and is generally used for personal and family protection in a range of business situations. This includes the provision of key person insurance to protect against the loss of profits resulting from the death of an important employee and partnership insurance schemes to enable surviving partners to buy out the share of a partner who has died.
Level Term Assurance
Similar to Term Assurance but where the premiums are fixed for the course of the policy. It is often used when a fixed amount is needed on death to repay a constant fixed term debt, such as an interest only mortgage.
Decreasing Term Assurance
With decreasing term assurance, the sum assured reduces to nothing over the term of the policy. The most common use of a Decreasing Term Assurance is to cover the amount outstanding on a repayment mortgage. It is more commonly know as Mortgage Protection Assurance.