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Helping you to understand:
A life insurance policy can put financial provision in place for your family in the event of your death. When selecting a life insurance policy, you will usually choose between level term, decreasing term, or whole-of-life.
Level and decreasing policies both last for a predetermined length of time and will pay out a lump sum if you die within this period. Level term policies offer a lump sum that stays the same throughout the duration of the policy, whereas the lump sum from a decreasing term policy reduces over time.
Whole-of-life policies are different as they run for the remainder of your life, rather than a set number of years. Paying out a lump sum at the time of death, these policies are often considered as a means of insuring against post death liabilities including funeral costs and inheritance tax.
Critical or serious illness cover are types of insurance that pay a tax-free lump sum if you are diagnosed with a serious illness, or have to undergo certain surgical procedures. Similar to life insurance, this can be on a level or decreasing basis.
Income protection is a long-term policy that is designed to pay a regular income should you develop an illness or injury that prevents you from working. It will continue to pay out until you are able to return to work, retire, or until the policy ends.
If you own a business, it’s important to consider the risks associated with the death or incapacity of a key member of staff. Speak to your financial adviser to find out more about business protection.
While buildings and contents insurance may sound straightforward, it is important to remember that the cost of replacing everything that you own at the same time could be financially crippling for you and your family.
Your protection needs will change over time, and as you enter different stages of your life, key considerations and risks will need to be reviewed. It’s important to review your circumstances and level of protection regularly. Speak to your adviser about how they can support this process, and ensure your protection remains suitable.
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