Life Insurance

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Quote Ref WS1

All life insurance policies require you to make payments for a specific amount of time. In return, the company promises to pay your beneficiaries a death benefit should you die.

Your Choices
Level term insurance. Cheap and cheerful normally used for family protection or interest only mortgages. Premiums can be guaranteed or reviewable we prefer guaranteed as often there is very little extra cost and premiums cannot increase.

This is a very simple idea if you die before the policy expires the policy pays out. If you dont die the policy expires and you get no return. In this respect it is very imiliar to home insurance.

The length of the policy can vary from a few years to decades, normally it is timed to meet with a specific requirement IE mortgage term or child turning age 21.

More Term choices
Decreasing term insurance is generally used in relation to repayment mortgages or similiar loans. The idea is that the death benefit reduces each year in line with the reducing debt. Again if you die you get nothing back. A little cheaper than level term and only suitable for specific circumstances.



The ALternatives

Whole of Life policies. As the name implies these policies cover you for the whole of your life, therefore you are guaranteed a payot. Because of this they are generally far more expensive than tterm insurance and with the declin in investement markets in recent years they have fallen out of favour. Generally used in specific circumstance such as inheritance tax planning. They are also sold on the premise that you can get all of your money back and therefore get free insurance, However this is obviosly subject to investement returns and therfore we prefer straightforward term insurance.
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