Life insurance
Life insurance is often the bedrock of a financial protection plan, it’s usually put in place to ensure that the beneficiaries (often loved ones) of the life assureds’ estate are not left in a financial deficit following a passing. The sum assured is usually that equal to a debt, like a mortgage, and is often written into a Trust.
However, there are more uses for life insurance, such as a provision for a funeral or a lump sum payment to protect a multiple of income or monthly/annual household expenditure, and this can be paid as both a lump sum and in the form of monthly payments via a Family Income Benefit policy.
We are believers in a holistic approach to protection and we try to help clients as much as possible, whilst avoiding jargon, to explain that if a person is working and their income contributes to the financial responsibilities of a household, then Income Protection is just as important. As part of the advice process, our Advisers will carefully consider each client’s individual needs and structure the policies appropriately utilising the options below.
- Guaranteed premiums – the ability to “lock” the underlying price of insurance in at outset.
- Reviewable premiums – the ability for a usually more cost-effective upfront premium below that of the guaranteed rate, with the Provider able to review the premium, on the basis of a number of industry factors, at pre-agreed points in the term.
- Renewable term – renewable term policies allow Policyholders to renew their cover at the end of the term without undergoing a new medical examination.
Once again, the options below highlight some of the options available when our Advisers are structuring a solution around your specific set of circumstances.
- Decreasing – usually arranged when a debt is owed and is being repaid over a set term.
- Level – usually arranged when a specific amount of money is needed at the end of a term.
- Indexed/RPI linked – protects clients against the rising cost of living, all Providers allow clients to opt-out before any increases occur, some Providers are more lenient than others, this option can sometimes be cheaper at outset than level, consideration needs to be given by how much the cover and price can increase by RPI v CPI.
Utilising technology and a good understanding of the market, we are now able to structure multi-benefit solutions that take account of price, quality, and underwriting, meaning that it may not always be appropriate to place a client with the same Provider for all their required benefits, and again, our technology and expertise will allow us to place a client with multiple Providers.
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