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Life Insurance


Not everyone needs Life Insurance. If you don’t have any dependents or liabilities (e.g. a mortgage) that you’d want taken care of if you were to die, then Life Insurance possibly isn’t for you. Moreover, Life Insurance isn’t compulsory, not even if you have a mortgage.

However, many clients with families and mortgages look to Life Insurance to provide valuable protection to their loved ones should the worst happen.

Two of the most common uses of Life Insurance include covering the outstanding mortgage balance, allowing your loved ones to stay in the family home should you pass away. Alternatively, you may use your Life Insurance to provide financial security for your family after your death.

A combination of the two is of course also possible depending on your needs – discuss with your adviser regarding the appropriate level of Life Insurance for your circumstances.



Should I Add Critical Illness Cover?


Most Life Insurance plans have the option of including Critical Illness Cover.

Where Life Insurance only pays out on death, a Critical Illness plan pays out the sum assured should you be diagnosed with any one of the critical illnesses as defined by the insurer’s terms.

These conditions include the likes of some forms of cancer, heart attack and stroke, which represent the top three claims on all such policies.

Given the risk of suffering a serious illness is a lot higher than that of dying, the monthly premium will increase to include critical illness cover in your policy.

However, should you suffer a serious illness there are often lifestyle changes to make, whether that be reducing working hours, stopping work completely or modifications to your home which can all have a considerably impact on your finances. This is where Critical Illness Cover can step in to help.

Many individuals opt for Critical Illness Cover for the peace of mind it offers should something serious happen.

Do I Need to Write My Life Assurance Policy Into Trust?


Writing a Life Insurance policy into trust means at claims stage the benefit is paid from the life insurer directly into the trust to then be distributed to the nominated beneficiaries.

Writing a policy into trust is the best way to ensure your loved ones receive the payout out quickly and the lump sum gets paid to the correct beneficiaries tax free.

A trust means the payout avoids both probate and any inheritance tax so your family receive 100% of the benefit.

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