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Life Insurance

Life insurance can help protect your family from the financial uncertainty caused by your passing, paying out a cash sum if you should die within the timescale of the policy.

Life policies are probably the simplest type of policy to understand. This is because it is basically a contract between you and the insurance provider. In this situation, you are insuring yourself (or somebody you have an insurable interest in) for an amount of money to be paid by the insurer in the event of your (or somebody else’s) death – as long as it is during the length of the policy.

However, there are still different forms of life insurance available, with options to suit the needs of the policyholder. It is left up to you to decide the type that best suits your situation, how much you want and how long you would like it for.

We would be happy to advise you on the tax implications in the event the policy is paid out, as well as to discuss your particular circumstances and the benefits of placing life policies in trust.

If you are fit and healthy , it’s just a matter of requesting a quote to search the market for the cheapest premium.

If you suffer from any serious health problems or have a hazardous occupation, you should seek good independent advice before placing a policy. In these instances, one company can take a very different view than another when it comes to setting premiums. This is where The Insurance Service can provide you with expert guidance.

The three types of life insurance are as follows:

Level Term Insurance

This is where the sum assured is set and will remain the same throughout the lifetime of the policy, so no matter when a claim is made the payout will be the same.

Reducing Term Assurance

This is where the sum assured reduces on an annual basis until it reaches zero in the last year of the term. Usually used for Mortgages so when the mortgage is paid off the insurance policy co-terminates. Usually less expensive.

Whole of Life Assurance

This recently introduced policy is where you pay the premium until age 80, in most cases, and you are guaranteed a payout on death no matter when. More expensive but usually used as a funeral policy with small sums assured,

Keyfacts

  • The FCA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide ifour services are right for you.

  • We offer products from the whole of market for Private Medical Insurance, Term Assurance and Critical Illness Insurance.

  • We will advise and make a recommendation for you after we have assessed your needs for Private Medical Insurance, Term Assurance and Critical Illness Insurance.

  • No fee for Private Medical Insurance, Term Assurance and Critical Illness Insurance.

  • We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.