What is Life Insurance?

Life insurance is a simple product designed to provide a lump sum or Monthly income payment on death. It is designed to provide your dependents with financial security on your death and ensure that they are not left with a shortfall in income. It can also be used to protect mortgage and loans to ensure they are not passed on to your estate.

Ask yourself:

  • When did you last review your life insurance?
  • Are you paying too much for your existing life insurance policies?
  • How would your spouse/partner/dependents cope if you were to die tomorrow/next week/ next month? – have you cover in place?
  • Have you any loans that are not covered by a life policy?
  • Is your business sufficiently covered for loans/ death of a business partner/ loss of a key employee?

What are the benefits of Life Insurance?

Your dependents will not be left with debts or have to struggle financially as a result of your death.

It’s true that not everyone needs life insurance, however, if someone – your wife, your child – would be adversely affected by the loss of your income should you die, then you really should have some cover in place.

What type of life cover do I need?

There are many different types of life cover and we can advise you on which is best to suit your needs.

  • Term assurance / Whole of Life Cover:can provide family protection as long as you and your dependants need it and usually has an investment element to it.
  • Mortgage Protection: Life Insurance is necessary for anyone buying a house. It is used to clear your mortgage should you die during its term. You can also add serious / critical illness cover to this type of cover and your mortgage will be cleared if you contract a specified serious illness
  • Company Directors Insurance or Keyman Insurance: will ensure the financial survival of your business in the event of the death of a director or key employee.
  • Inheritance Tax Insurance:Provides a lump sum on death to pay any inheritance tax due to your estate.
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