Life Insurance

Life insurance offers valuable financial protection and peace of mind in the event of death, especially where you have a family dependent on you and/or your income. This could provide a lump sum or an income payable on death, over a specific term of years e.g. the term of your mortgage. Benefits payable could form part of your estate, if not written in trust and could be liable for inheritance tax, if the value of your estate is above a certain threshold. All policies will be subject to satisfactory medical underwriting.

Life cover can be on a decreasing term basis, designed for protecting repayment mortgages which means the sum assured decreases in line with the reducing balance of the mortgage, over the mortgage term.

Life cover can also be on a level term basis which provides a guaranteed lump sum to be paid on the death of the life / lives assured, throughout the term of the policy. The sum assured will remain level for the duration of the plan. This could provide an amount equal to that of a mortgage loan outstanding, e.g. interest only, a non-mortgage debt or liability.

Protection plans typically have no cash in value at any time and will cease at the end of the term. If premiums are not maintained then cover with lapse.