OverviewIf you were to die tomorrow, could your family survive?
You may have life cover to pay off your current mortgage and other debts if you were to die, but your family will still need to pay for everyday bills and expenses plus extras, such as children's education, and retirement planning for your spouse.
Does your existing life cover cater for all of the above?
If you believe that there is a shortfall between your annual income and what your family would need then our consultants can help you identify the areas where you are most exposed and advise on the most appropriate level of protection for you and your family
Life Policies can generally be set up on a single life or jointly with your spouse. Joint policies can be structured on a first death basis so that the life cover is paid out and the policy ends if one of the lives assured dies during the life/term of the policy
The aim of life cover is to provide a guaranteed cash sum (usually tax-free) in the event of death thereby allowing the proceeds to:
Settle outstanding debts
Provide an income for your dependants
Maintain the payment of children's school fees
Maintain the current lifestyle your family have become accustomed to
Life assurance can be in the form of either a fixed term or a whole life policy. These can be combined with other forms of protection, such as Accidental Death Benefit (ADB) and Waiver of Premium, depending on company and geographical restrictions. Life cover premiums can usually be paid monthly, half yearly or annually.
Life premiums will depend upon age next birthday at issue, term, gender and smoker status. Country age adjustments may apply. Additional premiums for impaired lives may be payable depending upon the individual medical underwriting decision.
For more detailed information on the benefits of either Term or Whole of life cover, contact one our consultants.