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Life Insurance

A high percentage of people within the UK have no life cover. There could be various reasons for this, including apathy, cost, thinking that the unforeseen only happens to other people; but life happens to all of us sooner or later. If someone dies, worrying about money is the last thing you should be concerned about, but sadly it is often one of the first.

 Car, pet, holiday, and TV insurance etc, are often considered more important than insuring the people who pay for it all. If you total your future lifetime earnings, what are you worth to your family? Someone with a young family, earning £30,000 per year, with 40 years to retirement, could be expected to earn £1.2 million, (not counting inflation).  Would it not make sense to protect your home and your family by insuring your most valuable asset; you!

There are many types of life cover, including level, decreasing, increasing, term assurance, whole of life assurance, and family income benefit. Each has it’s own place, depending on what it is needed for, and it is possible to have options built in, such as renewable or convertible cover. Premium protection can often be added to protect your payments if you cannot work through ill health. It is wise to seek professional advice regarding the type, and the amount of life cover you need. That way you can be sure you have a policy that is fit for purpose, god forbid you should ever need it. Last but not least, we always consider the use of an appropriate trust to protect our client’s life cover against the possibility of Inheritance Tax. No one want’s any chance of losing 40% of the money paid out by an insurance company because they just bought some cheap life cover, and didn’t have the right advice. There is an old saying, “If you buy cheap, you can pay dear!” Come to us first.

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