Life insurance is designed to help protect you and your loved ones in the event of death or injury, by paying out a tax-free sum to the beneficiary or beneficiaries of your choice.
When you take out a life insurance policy, you can choose how long it runs for and who the money will go to in the event of your death. Many people take out life insurance that ends when they stop working or to run alongside a financial commitment such as a mortgage.
There are two forms of life insurance policy:
- Lump Sum: When you take out a policy, you can choose the size of the eventual lump sum that you wish to be paid out. Your provider will, based on this work out the monthly payable premiums to keep the policy active.
- Regular Income: Income protection insurance offers a replacement income if you are unable to work due to illness or injury. There are several types of income protection insurance, offering short and long-term cover.
We always suggest that you take expert advice to best assess the right form of policy for your circumstances. Please do contact us if you are unsure as to what policy is best for you, or if you wish to try to amend an existing policy.