Providing For Death
Life insurance policies can be taken out to provide a tax-free lump sum or annuity style benefit on death.
Policies can be written on a single life or joint life basis to reflect your circumstances and meet your specific requirements. Premiums can also be fixed at the outset of the policy or set as reviewable dependent on your future plans.
The various types of life cover include:
- Level term insurance pays out a lump sum or annuity if you die during the term of the policy.
- Increasing term insurance pays out a lump sum or annuity if you die during the term of the policy – the benefit is linked to inflation and increases annually to ensure the benefit value is maintained in real terms.
- Decreasing term insurance pays out a lump sum during the term of the policy. It is generally used as cover against a repayment mortgage, with the sum declining annually in line with the expected reduction in the outstanding mortgage.
- Family income benefit pays out an annuity style benefit for a specified term if you die during the term of the policy.
- Whole of life insurance lasts for the rest of your life and pays out a lump sum when you die, whenever that may be – it is often used to fund an expected inheritance tax liability.
If you are unsure what type of life cover is best for you or would like to know more about the range of insurance policies we can arrange for you please email firstname.lastname@example.org or call 020 7633 2222.
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