- LIFE INSURANCE
- INCOME PROTECTION
- HEALTH INSURANCE
- BUSINESS PROTECTION
- SPECIALIST INSURANCE
Whole of life plans are the true definition of Life Assurance with no expiry date they are the best way to guarantee a lump sum no matter when you pass away.
Cover funeral expenses - The average funeral cost in the UK in 2017 was excess of £4,078 (source SunLife)
Inheritance Tax - Protect your family from a large inheritance tax bill
Debts - Have your debts paid off when you pass away
Increase your Estate - Simply provide as much financial assistance for your family after your death as you can afford
Cheaper than Over 50's if healthy - If you are in good health a Whole of Life plan is cheaper
Whole of Life insurance protects your loved ones in the event you pass away.
You decide on the amount of money paid on your death or how much you wish to spend, and the plan will guarantee a payout no matter when you pass away (providing you can afford your premiums).
It depends on your personal circumstances; you may want to leave enough money for a funeral, help with Inheritance Tax planning, or simply leave an additional lump sum for any purpose.
No, Critical illness is only available on a term insurance basis, usually expiring around your expected age of retirement
Fixed - The price will remain the same until you pass away
Age Rated - Cheaper initially but the price will increase each year as you get older; this can lead to forcing you to cancel the plan in old age if it becomes unaffordable or force you to reduce the cover.
Some providers allow you to modify a number of aspects of your plan using a "guaranteed insurability option":
Decrease the sum assured
Remove an individual from a joint plan - It may be possible to "split" a joint plan into individual plans if a couple divorce or change a mortgage to individual ownership.
Some people may find it difficult to take out life insurance if they have a serious pre-existing medical condition. Depending on how severe the condition some providers may increase the price or decline cover.
However many insurance companies look at conditions in different ways, so just because one company increased the price or declined cover does not necessarily mean they all will.
The best thing to do is give us a call and using our experience we will find the provider who will look at your circumstances in the best light.
Whole of life Insurance has no expiry date and will pay out no matter how old you are when you pass away.
Term Insurance will expire at a given age or after a set number of years. The shorter the plan the cheaper it will be as the risk increases of you outliving the policy.
Yes we can help you place your life insurance plan into trust for FREE when you take out a plan.
This can help you reduce your inheritance tax liability and will generally get the money to your loved ones faster than where probate is required.
Yes, although some providers offer an early payout option should you need to go into care in later life.
Yes, you can cancel a plan at any time however you won't get any money refunded. If you cancel within the first 30 days you will get your first premium returned.
If your life insurance is placed in Trust however you will need the permission of all the trustees to cancel the plan.
This will depend on whether you have a fixed price or not, and whether your plan is index linked to increase in line with inflation.
In most cases individual plans are best for whole of life as it will guarantee a payout when both of you pass away. However there may be circumstances when a joint plan is more suitable:
You have no children and only want to protect each other - In this circumstance a "joint life first death" is better. This will be a lot cheaper as it only needs to pay out once, as soon as either of you pass away.
You only need the plan to pay out after you have both passed away - This is usually for Inheritance Tax purposes. In this circumstance a "joint life second death" plan is suitable. Joint life second death plans are the cheapest form of permanent life insurance because it is only for the benefit of your children/family, you both need to pass away for the money to be paid out.