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This is a simple one, if you have a family to protect you need some life insurance so that in the event of your death, they get funds that allows them to carry on with the lifestyle you had all worked towards. If you have assets with debts attached you should have life insurance to repay those debts on your death. Another consideration with life insurance is how long is it needed, do you need to think about the use of trusts, worry not I can explain all this for you and put something affordable in place... call for advice
Lee Martin
Senior Mortgage & Protection Adviser
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This is cover that pays out on death. Some plans pay upon earlier confirmation of a terminal illness where the prognosis is death within 12 months. Life cover can pay out as a lump sum, or as income for the remainder of the policy term, depending on the chosen policy.
Cover can last for a set term called Term Assurance, or can last throughout life, called Whole of Life.
The amount of cover can remain the same or increase / decrease annually. Level term assurance stays the same throughout. Decreasing cover is sometimes used to cover a reducing debt, such as a repayment mortgage and usually assumes a given interest rate. Provided your mortgage rates don’t exceed that rate, then the cover should reduce at around the same rate as the mortgage. The amount you pay is called the premium. It can either be guaranteed not to change, or it can be reviewable.
Reviewable cover normally changes based on the claims experience of the life assurance company.
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Warning Text
USUALLY PLANS CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
