A life assurance policy pays out the amount of life cover as a tax free lump sum, whether you die on the first day of the life policy or the last.
Choose from the following options:
Single Life Policy
Covers one person only.
Joint Life Policy
Covers two people with the benefit being paid on the first to die only.
Dual Life Policy
Covers two persons independently. A claim will not affect cover on the other person. You can cover each person for different amounts.
A Conversion option allows you to change your policy to a range of other policies to suit your needs without the need for further medical evidence.
You can increase the level of cover by up to 5% per annum.This allows you to maintain the value of your cover in real terms.
This option pays a lump sum benefit on the diagnosis of specified serious illnesses. There are numerous other optional benefits available to suit your needs. The ones outlined above are the main ones. We will shop around to ensure you get the cheapest and most comprehensive cover available. Contact us now to find out more.
Whole of Life
As the name suggests, you choose the level of cover but the policy can last until the day you die, without undergoing any further medical evidence. Whole of life cover is more expensive than Term Assurance, as a cash value accumulates to offset the increase in the cost of the life cover in later years. Many of these policies are subject to reviews at which time the benefit amounts can decrease significantly to maintain the existing premium or the premium can increase significantly to maintain the existing benefits. In later years, these policies can become extremely expensive and in some cases unaffordable. An alternative to these would be Term policies which would of course have an end date. See published article on these policies.
This option pays a lump sum benefit on the diagnosis of certain serious illnesses.
Personal Accident Benefit
This option provides you with an income if you are unable to carry out your own occupation due to an accident.
This is the most comprehensive type of life assurance available. Therefore, there are numerous other optional extras available to suit your needs.
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