Life Insurance

Would your family and loved ones be financially secure and be able to maintain their current lifestyle if you (or your partner) were no longer around?  If not, you may want to consider taking out a Life Insurance Policy.

Life Insurance pays out a sum of money on the death of the insured person.  Some policies will also payout prior to death in the event of a terminal illness being diagnosed.  There are various types of life assurance available that provide cover for different periods of time or combine the life insurance policy with some form of savings or investment policy that pays out a lump sum should the insured reach a given age.

Term Insurance (also known as Term Life) is a life insurance policy that is in place for a fixed term (a specific number of years).  The policy pays out a fixed cash sum if the insured person dies during the policy term. At the end of this term, if the policy has not paid out, it would need to be renewed for another term.  Premiums will depend upon the length of the term, the age, health and other risk factors of the insured person.

Permanent Life Insurance provides cover for the whole of the life of the insured person.  It pays out a cash lump sum whenever death occurs - we all have to go sometime - because this type of policy is designed to always payout eventually, it will cost more.

Life Assurance (also known as Universal Life Insurance, Whole-of-Life Insurance, Endowment): this type of policy combines a Life Insurance Policy with a fixed term savings or investment policy.  It pays out a fixed sum (as a minimum) in the event of the death of the insured person during the policy term, but also provides a lump sum amount at maturity.  The amount of the lump sum is not usually guaranteed.  Some policies may allow you access to some of the savings element before the policy matures.  This type of policy may often be linked to an endowment or interest only mortgage.

Shop around to find the company offering the best life insurance package to meet your needs.  Comparing online quotes can be a quick and easy way to find the best life insurance policy for your personal circumstances and needs. Most life insurance policies will require some form of medical checks before the cover is confirmed.

Make sure that premiums are paid properly - lapsed policies and policies with premiums overdue may not pay out - or may only pay out a reduced benefit.

Able was I ere I saw Elba

Financial Information Services; Insurance; Insurance Brokers; Savings; Income Protection Insurance

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