Life Insurance policies pay out if you die within a specified period. This is usually the cheapest way to provide financial protection for your family in the event of your death.

Why do I need life insurance?

Coming to terms with the loss of a loved one is never an easy thing to do, and adding a financial burden to the grief can make coping increasingly difficult. Receiving a lump sum of money can help support your family or even a business partner after you die. Some of the reasons to take out life insurance could include:

• Mortgage Repayment
• Covering childcare costs
• Education expenses

Whatever the reason, it is important to ensure your family can maintain the standard of living to which they are accustomed.

There are various types of life assurance policies:

Level Term

The same level of coverage is maintained throughout the policy term and can be used in conjunction with an interest-only mortgage.

Decreasing Term Assurance

The policy pays out an amount (sum assured), which reduces throughout the term of the plan and is mainly used to protect repayment mortgages.

Convertible Term Assurance

The sum assured stays the same for the term of the policy. However, for an additional cost, you will have the option to convert this original plan, or part of it, to another type of policy.

Family Income Benefit

Family Income Benefit (FIB) provides a tax-free regular income that is paid out for the remaining term of the policy if you die. FIB can provide a replacement income and may be index-linked to inflation.

Death in Service Benefit

The death in service benefit is the name for cover that can be provided by your employer if you die while employed.

Whole of Life Cover: Whole of Life Insurance Cover is for the whole of your life. Unlike term insurance, which only pays out if you die during the policy term,

Whole-life insurance always pays out. It is guaranteed that the policy will pay out upon your death.