Life Insurance
There are various types of life assurance (also known as life cover and life insurance) out there and the most common by far is known as term assurance.

This basically will cover you for a specified term and will pay out if you die during the term or will cease with no value at the end of the term. You can opt for increasing, level or decreasing cover. You can opt for guaranteed or reviewable premiums. You can place the plan in trust, which means it will not form part of your estate. Most of these plans are designed to pay off a specified lump sum, which can be normally used to pay off any debts including a mortgage as well as provide a cash lump sum for the surviving spouse to pay ongoing bills.

Another form of cover is known as "family income benefit", which can provide a specified monthly income to your family for a specified period of time after your death.

Another form of cover is known as "Whole of life" and this type of plan will definitely pay out as it will last to the end of your life (so long as you pay the premiums). These plans were popular several years ago but now tend to be only taken out for funeral planning and some inheritance tax planning. The reason for this is that most plans had reviewable premiums which increase significantly in later life and often make the premium unaffordable.

As life assurance specialists, we have access to insurers who will often insure people who have been declined by other life assurance companies. We can advise you on suitable levels of cover, which additional benefits to consider and which to reject and we can advise you whether you should be putting your cover in trust or not.

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