Life Insurance

Every parent, partner or person with dependants should consider this cover.

Life insurance, sometimes referred to as Life Assurance, is one of the cheapest ways to protect your family’s future and financial security.

Death is not something we like to think about but unfortunately it will happen to each one of us, we just don’t know when.

If the worst should happen then the impact on your dependants can be devastating and will be compounded if they are left in a financial crisis by the sudden loss of income and provision for such a predicament.

By putting the right cover in place, correctly set up,  you and your dependants will have peace of mind allowing you all to enjoy life without the worry of what if?

There are different types of life insurance to choose from, whether you are looking to protect your mortgage or to leave something behind to protect your loved ones. It is important to choose the correct one to reflect your circumstances and preferences: –

  • Level Term Insurance – This is the most popular type of cover. If you pass away during the set term of the policy, the insurer will pay out a lump sum as agreed at the commencement of the policy.
  • Increasing Term Insurance – This is the same as level term insurance but the cost of living is factored in to prevent the erosion of your sum assured each year due to inflation. This is normally done by linking the potential pay out and premiums to the Retail Prices Index (RPI). By doing so it will ensure that the sum assured maintains its real value throughout the term which could be over many years, as much as over 40.
  • Decreasing Term Insurance – this is sometimes referred to as Mortgage Protection. This policy is designed to track your repayment mortgage and in doing so reduces accordingly. In the event of you passing away the insurer will pay out the calculated amount to enable the balance of the mortgage to be paid off.
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