The Life Assurance industry has evolved very significantly over the last couple of decades, and identifying both the type of insurance cover you might require, and the amounts of the sum assured, is inevitably a process that will require professional advice and input.
Generally, the main decision for buying life assurance will be whether one chooses a Term assurance policy or a Whole of Life policy.
If a need for life cover is for a fixed term, such as whilst your children are growing up, or to cover a mortgage liability, then choosing Term assurance will probably be the right option. If the need may turn out to be for longer, then a ‘Whole of Life’ contract will be more suitable, or a term policy where there is a renewable or convertible option attached to it.
Whole of Life is also used for mitigating tax liabilities such as an inheritance tax bill on your estate when you die.
We publish a quarterly guide, which covers all aspects of life assurance and some of the decision making processes involved. You can download it here.
As well as commenting on the main types of life assurance available, our key guide deals with critical illness cover, income protection and private medical insurance among other insurance contracts.
The Key Guide is updated quarterly, and we would strongly urge you to contact us to review the options that will best suit you.