Life insurance ensures that if you died unexpectedly, the financial risk to your family is mitigated.
It can be used to pay off debts, such as mortgages, as well as leaving money to replace your income.
It can be written on a single or joint life basis, be for a specified term (Term Assurance) or could cover you for your entire life (Whole of Life).
Typically, the policy would pay out a tax-free lump sum, and the amount of pay out (sum assured) can either stay fixed throughout the term (Level Term Assurance), increase with inflation (Indexed) or decrease (Decreasing Term Assurance / Mortgage Protection ).
To speak to a qualified adviser now, please call us on 0116 253 5600 or complete the enquiry form.
It is also possible to have the proceeds of such a plan to pay out a tax-free income over a specified period, as opposed to a lump sum. This is called Family Income Benefit. It is most appropriate for replacing a certain level of income until your children reach financial independence (although in this day and age that could be well after the age of 21!).
There are lots of other options available such as Terminal Illness Cover, Total Permanent Disability, Waiver of Premium, and Guaranteed Premiums.
As Independent Financial Advisers, we will examine your individual circumstances and recommend which type of cover is most suitable for you and your family’s needs.
If you already have life insurance, Bankfield can review your existing cover, ensure that it is cost effective and has been set up and structured in the correct manner, so it pays out to those that matter, in the most tax-efficient way.
If you are a business owner, then Bankfield could even structure your personal life insurance in a more tax-efficient manner.