Life insurance

Life Insurance is a great way to help protect your family from the financial worries they could face if you were no longer around. Life insurance pays out a cash lump sum if you die within the term of the policy. Cover is usually on a level or decreasing basis.

Level Term Assurance

This will give you the same amount of cover throughout the life of the policy and will pay out that amount if you make a successful claim.

Decreasing Term Assurance

This is sometimes known as Mortgage Term Assurance – and will decrease over the term, usually to match your decreasing mortgage amount and pay out the current amount when a successful claim is made.

Family Income Benefit

This is a Life Assurance plan that pays a tax-free monthly income rather than a lump sum. This makes it easier to pay for the monthly costs of running your household and covering school fees.

For instance:

Your family could receive £2000 p/m tax-free, every month for the balance of a 23 year term from the time of the claim, for just £14.82 per month

Actual costs will depend on individual circumstances and providers underwriting.

Source:
06/12/2018 based on a 35 year old taking a policy with AIG, with a £2,000 per month benefit over a 23 year term.

At Morrison Ward we can help you decide whether you should take out life insurance, how much you need and how long you need it for. We can find the right policy for you.