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Life Insurance
Having cover in place for if you pass away gives you peace of mind knowing your family will be provided for. The cover may be needed for:
- Outstanding debts, including a mortgage
- Household bills
- Everyday living costs
- Childcare
How much cover you will need and what type will depend on your own circumstances. Our independent financial advisers will take the time to find out about your protection needs so they can recommend the most appropriate solution.
Regularly reviewing your cover is important to make sure that what you have in place is still suitable. This is a valuable service we are also happy to provide.
The Alan Boswell Group Difference
We aim to build long-term relationships between our clients and our independent financial advisers. We’ll take time to understand your needs, search the market, tailor a plan that suits you and find the best premium.
Life Insurance in detail
In the event of your death, life insurance provides your family with money to help cover costs like bills, nursery fees, or paying your mortgage. There are different payment options for you to choose from, too – some will pay a lump sum whereas others will pay a regular income. Plus, some will cover you for a specified period while others will cover you for the rest of your life.
If the cover is for a specified period, there are two main types:
- Level term assurance The policy will pay a lump sum in the event of death during a pre-agreed term.
- Decreasing term assurance Usually used alongside a reducing debt, like a mortgage. The lump sum reduces in line with the debt during the term. These policies are usually cheaper than level term assurance.
There are also variations on the above, including plans that can increase in line with the cost of living and polices that can be renewed at the end of the term.
Key points:
- Payout on death In the event of death the payment can be a single lump sum payment or a regular income depending on the type of policy you have.
- Terminal illness cover Some plans allow you to receive your payment early if you're diagnosed with a terminal illness that meets the insurer’s definition and you're not expected to live longer than a specified time period. Once payment is made your policy will end and no further claims can usually be paid.
- Option to include critical illness cover A lot of insurers allow you to include critical illness in addition to the life insurance. For more information, see our critical illness cover page.
FAQs
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Some policies last for a specified term, while others can go on for the rest of your life. How long to be covered for will depend mainly on why the protection is needed. Our advisers can help by taking the time to find out about your circumstances and searching the market for the most appropriate solution.
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This will vary hugely depending on why it is required. For example, if the cover is to pay off the outstanding balance of a mortgage it is likely that this will be the level of cover that is needed. However, if the cover is required to make sure your family is provided for if you were to pass away, the level of cover would depend on your earnings and how much your family would need. Getting advice is very useful for establishing how much to protect you for and the most appropriate type of cover.
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When our advisers make recommendations, they will take into account the budget you have available. If the solutions they recommend exceed your budget, they will help you to prioritise, making sure the money you have available is going as far as possible to meet your protection needs.
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