Life Insurance

Why Life Insurance is so important

Life Insurance can help protect you and your loved ones in various ways.  A common example lies in the security of our homes.

We work hard to pay rent or repay a mortgage which allows us to raise our family in the right environment. However if a major income stream stopped because of a death or serious illness, could you and your family afford to stay in the family home?

We also want our children to have the best start in life but if you were not there to provide for them, would they still have the things you promised yourself they’d have?

Providing a lump sum upon death, illness or disability, or an income if you were unable to work, is the best way of protecting your family should the worst happen.

Life Insurance, if arranged correctly, can provide the funds for this.

How does Life Insurance work?

Life Insurance provides a lump sum on death and comes in two basic forms: term assurance and whole of life assurance.

Term assurance provides cover for a specified period of time whereas whole of life assurance will provide a lump sum whenever death occurs provided contributions have been maintained for the duration of the plan.

Term plans are typically used when covering a financial liability that will reduce or end in the future, for example repayment of a mortgage or to provide a sum to cover the cost of educating your children.

Whole of life plans are typically designed to cover liabilities that will arise on your death, no matter when that is, such as an Inheritance Tax bill or to supplement what you leave to your heirs. Whole of life plans are also used where the period of cover is unknown or uncertain.