Life Assurance
Life Insurance Edinburgh
- Life Insurance
- Critical / Serious Illness Insurance
- Income Protection
- Relevant Life plans – one-man Death in Service arrangement. These are very tax efficient for owners of their own limited company
- Keyman Insurances – this ensures a payment is made to the business to support the firm during periods of financial loss due to the permanent or temporary absence of key individuals
- Executive Income Protection plans – this is a specialist product to provide income to a business in the event of a key executive or business owner being unable to work due to ill health or accident. The plan can often cover more than standard personal arrangement and also cover additional benefits such as pension contributions.
- Parties to a Mortgage or a loan (mortgage life insurance coverage).
- Anyone with dependents (whilst a mum and dad may not work, undoubtedly there would be a financial loss if anything were to happen whilst there are young children to consider).
- Key Individuals. Where a company would suffer financial loss on the death of an essential employee.
- Expense - Whole of Life insurance coverage, as a guideline, is normally the more costly kind of cover.
- Period that cover is needed - If cover is required for a specific duration i.e. a Mortgage then Term cover might be better suited.
- Future Plans - If, for instance, a family is planned, then whole of life can offer the flexibility to increase cover for this or other events.
Whole of Life.
As the name suggests, this type of policy will provide cover through a person's lifetime. When obtaining a whole of life insurance quote, as well as the cost of premium, there are other elements to be thought about; investment performance, charges, strength of the company.
There are good arguments for both kinds of policy. We would recommend that the following could make up the primary factors to consider:
- Expense - Whole of Life insurance coverage, as a guideline, is normally the more costly kind of cover.
- Period that cover is needed - If cover is required for a specific duration i.e. a Mortgage then Term cover might be better suited.
- Future Plans - If, for instance, a family is planned, then whole of life can offer the flexibility to increase cover for this or other events.
Note.
Critical Illness( CI) now provides a similarly essential advantage and we would strongly advise that you view the CI Factsheet.
Conclusion.
This factsheet is meant merely as a rough guide to the choices and needs surrounding Life Assurance. All consultants are Regulated and Authorised by the Financial Conduct Authority (FCA) and are now bound to explain their status to you (either independent and fee charging, independent but paid by commission .