Life Cover
What Is It?
A Term life insurance plan is the most basic form of life insurance and is usually the cost effective way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term. With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.
Who is it for?
This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away.
As Financial Advisors we can help you find the plan that best meets your requirements so contact our Advisers to find out more.
Critical Illness Cover
What is it?
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.
Who is it for?
This type of plan is designed for those individuals or families who want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home. The quality of cover and the illnesses covered can vary significantly between different providers. As Financial Advisors we can help you find the plan that best meets your requirements so contact our Advisers to find out more.
Income Protection
What Is It?
An Income Protection plan is designed to pay out a regular percentage of income in the event that you are unable to work due to an injury or illness. These types of plans continue to pay out an income as long as you are unable to return to work, retirement, death or up until the end date of the policy. This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.
Who’s it for?
This type of plan is designed for anyone who is working (employed or self-employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection is essential. Plans can be adapted to fit in with any existing protection you might have. As Financial Advisors we can help you find the plan that best meets your requirements so contact our Advisers to find out more.
Trust Forms
Trust forms are key when arranging life cover as without doing so the funds could end up forming part of your estate and ultimately increase your Inheritance Tax Liability. As well as this the policy could potentially pay out to the wrong person. Trust forms should not be confused with a Will, the Trust Forms are specifically for your Life or Critical illness plan.
By placing the policy into a Trust you are ensuring the benefit doesn’t form part of your estate, and more importantly pays quickly and efficiently to your chosen beneficiary.
We can assist you in arranging the Trust form for your plan, providing you with the peace of mind that should the worst happen your loved ones will be taken care of. If you have cover in place which was arranged direct or through your bank it may not be in Trust, and therefore may not do what you initially planned so we recommend you speak to us for an initial fee free, no obligation review of your arrangements.
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Want To Book An Appointment?
Call Mortgage Hand on 07792 198 361 or email info@mortgagehand.co.uk.