Life Assurance

Many of us will at some stage in our lives have the need for Life Insurance. Life insurance is an agreement between you and an insurer and under the terms of a life insurance contract, the insurer promises to pay a certain sum to a designated beneficiary when you die, in exchange for your premium payments.

The following are all situations that may require the use of life assurance:

• Covering a Mortgage - It is normal practice to ensure that the mortgage is fully repaid in the event of the death of those with an outstanding mortgage within the mortgage term. This will ensure that the family won't have any additional money worries and the safety that they won't lose their home
  
• Protecting dependants - If you have young children then money will help provide for them, perhaps by allowing the surviving partner to stay at home or work part time for some years
• Covering business debts - Banks and creditors get worried when key people die. Credit lines get shortened or even pulled, often with fatal consequences for the business. If you are a key person your business could insure you to provide cash flow to settle all debts and recruit a new person
• Protecting business partners and co-directors - If you die you hope that your colleagues will pay a fair value for your share of the business, but they can only do this if the funds are available. Life Assurance can be used to provide the money required

You have probably already got life assurance to cover your mortgage, but it would be worth checking that the current level of cover is sufficient for your current situation and the benefits associated with the policy match your requirements.

Whatever your current position, it's always worth reviewing the level of life cover you have and what you may require and we can help you do this.

For more details on different types of Life Assurance, please click on the links to the right.