Life Insurance
There are many types of policy available which have varying features and costs. The cheapest of these are normally Term Assurance contracts which are arranged over a set period of years. After this time the contract ends and there is no return of money.
An example of these includes Level, Decreasing or Convertible Term, Family Income Benefit and Partnership / Director Assurance. The rates can be Guaranteed or Reviewable.
What one is most suitable for you? Contact us.
Critical Illness
Although most claims paid today stem from only 3 critical illnesses – Heart Attack, Cancer and Stroke – most of the quality insurers offer contracts which cover up to 28 defined critical illnesses which provide a tax free lump sum on diagnosis. The normal proviso is that you survive 14 to 28 days after diagnosis.
Do you have cover in place to protect your mortgage, loans, credit cards or to ensure a tax free lump sum to assist with lifestyle changes? Contact us.
Funeral Planning
These are commonly known as Whole of Life contracts and there are basically two types – Investment and Non Investment. Investment contracts rely on future performance to maintain the level of cover whereas Non Investment contracts don’t. Investment contracts offer more flexibility. Contact us.
IHT Planning
Everyone is allowed to leave £285,000 (the ‘nil rate band' allowance) – rising to £300,000 on 05 April 2007 to their beneficiaries free of Inheritance Tax. After allowing for PET’s (Potentially Exempt Transfers) the balance of the estate above the ‘nil rate’ band, is liable to tax at 40%. These can be reduced or in some cases negated by properly utilising Trusts linked to appropriate life insurance. Contact us.
Income Replacement
Would your employer pay you if you were off sick? How will you meet your monthly bills? Are you self employed?
Income Replacement contracts are increasing in popularity as many employers are now only paying SSP – Statutory Sick Pay – in the event of long term illness, incapacity or absence through ill health. The contract will generally pay a monthly tax free income until you return to work or retire, whichever comes first. There are a range of Deferment Periods which affect the cost. Deferment Periods are the length of time you agree to wait before a claim will take effect. These can range from 1 day to 52 weeks. Contact us.
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