Life Assurance: Get Comprehensive Coverage and Peace of Mind
Life insurance, also known as term insurance or life assurance will provide a sum of money in the event of death during the term of the policy. This cash lump sum is paid tax free and can be used by your dependents however they choose.
Life insurance can be used to cover a mortgage, other loans or to ensure that your family is protected from the effects of having to repay a debt.
Don’t shop around!
“What? You are suggesting we don’t get the best deal?”
The thing is the best deal is not necessarily the cheapest deal. We want you to pay the least amount of cost for your life assurance that you can, but even more we want to make sure you have the right policy and cover.
So, if you go online and shop a comparison site for your cover, it’s normally just a cost comparison. There is no aspect of this that considers such key questions, examples are:
• What type of policy? Should it be a Term Assurance, Whole Life or Family Income Benefit policy?
• How do these options compare against each other?
• What term of policy is most suitable?
• For couples, should it be one joint policy or two separate policies?
• Can critical illness cover be built in?
• Are the premiums guaranteed not to increase?
• What about making the policy subject to a trust on pay out?
• If you are in business, could you structure the policy to be a business expense?
• What exactly are you covering, just paying the mortgage off or supporting your long-term income needs, as well?
Therefore, it is a case of making sure you get the solution that works for your entire situation, not just a cheap policy to pay off the mortgage, which if structured incorrectly could end up being more expensive in the long run anyway.
Our video on life assurance may help further:
If you need help with working out what is the best way forward here for you, then simply contact us, we have the expertise to advise you.