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Life Insurance

Have you thought about the effects that illness, your inability to work, or your death would have on your family or your business? Without forward thinking, the consequences can be devastating. In extreme circumstances this could lead to loss of the family home or business. 

Making sure that your family is able to cope with the unexpected is probably the most important part of any financial planning.

Protection is an area of financial planning that many people feel uncomfortable with. However, whereas most people will protect their car or valuables, they neglect the most valuable asset they have - Themselves.

The loss of the wage earner through illness or death can cause families great financial hardship.

Life insurance may be one of the most important purchases you will ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs such as your children's education, protect your spouse's retirement plans, and much more.

Life Insurance Options

There are several ways in which to protect yourself and your family in the event of an untimely death. Most people take out life insurance to provide for their families and alleviate any financial worries at a difficult time.

Whole of Life Assurance As the name suggests, a whole of life policy can provide life cover without imposing a limited term. A unit-linked plan allows the premiums to be kept lower as they are based on the expectation of some future fund growth. Unit values can of course fall as well as rise.

Level Term Assurance pays a lump sum in the event of death during the term of the policy. There is no investment element within a term assurance contract, so at the end of the term there is no maturity value and life cover lapses. The benefit is paid tax-free and premiums are usually monthly, and fixed throughout the term. Because the term and benefit are known from the outset, and there is no investment content, term assurance is a very cost-effective method of protection.

Decreasing Term Assurance works in a similar way to Level Term Assurance, but the benefit is set at outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage, or other loan where the amount of capital outstanding also decreases over time. Because the benefit reduces over time, the premiums are kept very low.

Family Income Benefit works in the same way as term assurance, but instead of paying a lump sum upon death, it will pay a regular monthly tax-free income to your dependants up until the end of the policy term.

Critical Illness Cover is usually available as an addition to all term assurance plans. Critical illness generally allows for the lump sum benefit to be paid in the event of diagnosis of certain critical illnesses, including heart attack, stroke, transplant, blindness, and total and permanent disability. Most providers conform to the Association of British Insurers' standards for qualifying illnesses, and it is important that you fully understand the terms and definitions of each illness.

Competitive Life Insurance

For the same life cover and term of plan, different insurance companies may have differing rates for the same client. These don't just vary by pennies; they can and usually do vary by pounds. Some companies are better for rates for smoker and some are better for different age groups. Some companies have far better cover and options available under their policies than others.

Independent advice means that the adviser will compare and base the advice on your specific requirements; these can also be related to cost.

Life Insurance – because your family is worth it!!!

Sound financial planning has to be undertaken to protect your loved ones. Contact Castiel Winser today!