Our clients often have a range of insurance policies, including Life Insurance policies, endowment policies and personal pension policies. Often these policies pay substantial death benefit and we are able to provide advice on insurance planning.
There are three main types of Life Insurance. The key differences are:-
- Term insurance - which will pay out if you die only during the policy term
- Whole of life insurance - which pays whenever you die
You can insure the life of one person or on the joint lives of two or more people. Sometimes it makes sense to insure your spouse or partner's life.
Common reasons for taking Life Insurance are:-
- To pay off a mortgage or other loan if you die
- To protect your family against your premature death if you are the main bread-winner
- To pay Inheritance Tax
- To protect a business against the loss of its owner or key person
It follows that if you are considering Life Insurance you should also consider your Will:
- Life insurance can be written in trust, to ensure that the money goes to the right people
- Without a Will there can be uncertainty and Inheritance Tax disadvantages
Please contact us to discuss how our Investment Management team might be able to help you.
