Life Assurance
Life insurance – also known as family protection insurance – is a type of insurance which is designed to protect your family from the worst should you pass away. Money can’t stop grief, but it can remove additional financial stress at a tragic time in your family’s life.
Family protection insurance is a life insurance which pays out a lump sum or specified income on the death of the policy holder. This gives a financial buffer to your family members, giving you the peace of mind that they are free from financial strain. A family protection policy could pay for school fees, or pay off a mortgage.
You might feel the added need to take out life insurance when you buy a home, become a parent or become a grandparent. Losing someone close to you can also act as a wake up call to remind you to invest in family protection insurance.
The types of policy available include:
- Whole of life assurance – this pays out with no set period to when you might die
- Term insurance – only pays out if you die within a set period
- Terminal illness – to claim if you have a fatal illness
- Joint life insurance – this can be cheaper and is convenient, but it only pays out on the first death
- Waiver of premium – cover for when you are unable to pay your life insurance premiums because of illness or injury
- Critical illness – you get a lump sum if you get one of the serious illnesses that the policy lists
Get in touch and we can help you make the correct decision to protect your family moving forward.