Life Cover

Life cover pays a sum of money on the event of death. Life cover can be used to repay a debt, provide for family or provide a legacy. If you were to pass away and this would result in you leaving a loved one in a difficult financial position life cover is the answer.

We are Independent Financial Advisers, so we research the whole market to help you find a solution to meet your family’s needs. All our solutions are bespoke to your family situation. All our recommendations are costed to fit your budget and be affordable over the long term.

There are lots of types of life insurance contracts to meet different needs. The sum assured is the benefit or the amount you would get paid if you claimed. The sum assured changes differently with each contract, some decrease in value over time, some provide an income, some increase yearly and then we have the traditional contracts that pay a set lump sum.

Using these contracts, we can help you build a solution to meet all the different needs you have. This makes it very clear to those managing your finances what all the money should be used for when you’re no longer here. 

An example….
If you have a £300,000 repayment mortgage running for 20 years we would most probably recommend a decreasing life cover to repay the mortgage in full at any stage.

If you have a child age 10 and you aspire for them to go to university ending age 22 we could recommend a life policy that would provide the child’s carers sufficient money each year to ensure your child gets the education you wanted them to have.

If you are the main bread winner in the family you may have a retirement goal and want some life cover to ensure your partner gets the retirement you planned for in the event you sadly do not make it to retirement. This could be done via a lump sum contract.

We search the market to find the best way to solve all these issues. Would it be best priced to have all three contracts with one provider or better value to have each contract with different providers? The software we use quickly enables us to provide the answer and get you the best value solution.

Our team of advisers will get to know your families hopes and aspirations and help you build a plan so that you are fully protected. Life cover is a commodity rather than an investment so we will look to do this as cost effectively as possible keeping your disposable income free to save and invest for the future

To help those trusted with managing your money we recommend most insurance policies to be written in trust. A trust is like a mini will for each part of the policy. You appoint trustees, typically two people you would trust to manage your financial matters if you are not here. The trustees then work with the life assurance company in the event of a claim to ensure the money gets to the right person / people. Because the trust document is in place claims are generally processed quicker as the life insurance provider has instructions to follow rather than working out what to do. This means your loved ones will get the money quicker at an already distressing time. Then the final important reason is tax efficiency. If the claim is paid through a successful trust then it will not form part of your estate for inheritance tax purposes, this could save your loved ones thousands in inheritance tax.

We provide trust work as part of our standard service which is commonly paid for by way of commission from the provider so there is often no direct cost to you in putting this planning in place.

We offer a free initial consultation so there is no cost in getting a recommendation from us to build a plan to protect your loved ones.