Life insurance can give your family financial protection if you pass away during the term of your policy. Your loved ones would receive a cash lump sum which is paid tax free and can be used by your dependants however they choose.
Life cover can be tailored to suit you in terms of amount covered and term of policy. Policies can cover one person or be taken jointly.
Cover can remain the same throughout the duration of your policy, or decrease over time as your mortgage balance reduces.
Taking out a new mortgage is an ideal time to review what protection policies you have in place and whether these are suitable for your circumstances.
Whole of Life Insurance
A ‘traditional’ form of life insurance. The plan guarantees to pay out a sum when you die, provided that the premiums are maintained. It is typically used to pay funeral expenses or for inheritance tax planning.
Family Income Benefit
Family Income Benefit is a life insurance policy which is set for a period. If you die within this period, the policy will pay out a regular, tax free income until the end of the term.
