Insurance / Life
Life Insurance
Providing financial security for the people who depend on you. The right policy ensures that if the worst happens, those you care for are not left in financial difficulty.
Policy types
Types of life insurance
Level term
Pays out a fixed lump sum if you die within the policy term. The sum assured remains constant throughout the term, making it straightforward to understand and suitable for interest-only mortgages or general financial protection.
Decreasing term
The sum assured reduces over the policy term, broadly in line with a repayment mortgage balance. Typically less expensive than level term cover, and well suited to protecting a capital and interest mortgage.
Whole of life
Provides cover for the duration of your life rather than a fixed term. A payout is guaranteed whenever you die, making it a common tool for inheritance tax planning or leaving a guaranteed lump sum to your estate.
Family income benefit
Instead of a lump sum, this policy pays a regular monthly or annual income to your dependants for the remainder of the policy term if you die. Many families find a regular income easier to manage than a large one-off payment.
Is it right for you?
Who should consider it?
Life insurance is most valuable when others depend on your income. If you have a mortgage, a partner, children, or other dependants, a policy ensures they are not left struggling with financial commitments if you were to die unexpectedly.
It is also worth considering even without dependants. A policy can cover funeral costs, outstanding debts, or form part of an inheritance tax planning strategy — a whole-of-life policy written in trust, for instance, can pass a sum directly to beneficiaries outside of your estate.
Premiums are typically lower when you are younger and in good health, so there are advantages to arranging cover sooner rather than later. Our advisers can help you assess what level of cover makes sense for your situation.
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