Life Insurance Advice

Life Insurance Advice

Life insurance is an insurance policy that offers you a lump sum pay out should you pass away. This can be used for many reasons from repaying a mortgage, leaving an inheritance to your loved ones, or simply to pay for future funeral expenses.

With many different types of cover and options available, getting the right advice is crucial to making sure you have the right life insurance cover to suit your needs.

What is life insurance?

Life insurance does exactly what it says on the tin – it’s an insurance policy that pays out upon your death. These policies can be taken out to cover any sum that you feel appropriate, from as little as £5,000 to cover a funeral to £5,000,000 to cover assets, inheritance liability and properties. Generally speaking, you can arrange life insurance at any stage of your life, and can even apply after your retirement, most providers will allow you to cover yourself up to age 80.

Some providers will allow you to extend the term towards your 90th Birthday to help offset the costs of later life care.

But that is no longer just ‘it’ when it comes to life insurance – and this is where getting the right advice is important.

Life insurance companies now offer a wealth of support and  have increased the options and benefits available to you when taking out a new insurance policy. For example, Terminal Illness Benefit means that should you be given a prognosis of 12 months or less, the life cover will pay out in advance, to help you and your family financially in the hardest of times.

There’s also ‘waiver of premium’ benefit meaning that  if you are unable to work long term, they will waive the monthly premiums until you are able to return to work. This means you can keep your policy and all the included benefits even if you fall on financially hard times.

By discussing your family situation, liabilities, needs and lifestyle with a qualified adviser, you can get the advice you need to find the right life insurance solution for you. 

Life Insurance Advice questions

Straightforward life insurance cover is the most cost-effective insurance policy compared to its counterparts. The cost of life insurance is based mainly on your age, occupation and smoker status, as well as the amount of cover you want. This means that the younger and healthier you are when you take out the policy, the lower the cost will be.

In most cases when looking to cover a mortgage, provide for your family,  looking to cover funeral costs or leave an inheritance – life insurance can be incredibly cost effective and cheaper than most other direct debits you may have.

What life insurance can offer:

  • A tax free lump sum pay out upon death or diagnosis of a terminal illness
  • Option to waive the monthly premiums in times of financial hardship
  • Option to add additional benefits to the policy such as fracture cover, second medical opinion services and remote GP access.
  • Guaranteed premiums that don’t change for the life of the policy
  • Life insurance cover can be placed in trust for named beneficiaries removing the pay out from your estate and probate meaning the pay out goes to who it needs to when it needs to.

The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

FOCUS offers specialist life insurance advice to protect your world:

  • Financial security for your family if something happens to you
  • Protection for your mortgage or other financial commitments
  • Funeral cost provision
  • Inheritance planning

If you would like to discuss your life insurance arrangements, contact us.