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Life Insurance

Death comes to us all in the end, but an unexpected or premature death can be devastating not only emotionally but also financially.

Life Insurance is an insurance policy that pays out either a lump sum or a series of payments to your dependants in the event of your death.

There are many types of life insurance policies on the market, at Friends Financial Advisers we will make sure you chose the most suitable insurance policy for you:

Level Term Insurance

  • Level Term Insurance is the simplest form of Life Insurance, which pays out a lump sum on death or terminal illness during the term of the policy.
  • The amount of cover remains the same throughout the term of the policy.
  • It could be the right cover to choose if you want to provide financial security for members of your family on your death.
  • It’s also suitable to cover an interest-only mortgage, where the outstanding mortgage loan remains the same for the term of the mortgage.

Decreasing Term Insurance

  • Decreasing Term Insurance is sometimes called mortgage protection insurance, because it can be used to cover the amount outstanding on your repayment mortgage or loan.
  • The amount of cover, unlike Level Term Insurance, decreases each year in line with your mortgage or loan, but premiums remain the same.

Family Income Benefit

  • Family Income Benefit provides dependants with a tax-free income on your death.
  • The benefit is paid for the remaining years of the policy term.
  • It can be paid as monthly or quarterly income or annual lump sum.
  • Critical illness Cover can be added as an option to this type of policy.
  • It is one of the cheapest form of protection because it is paid as a regular income, rather than a lump sum.
  • Family Income Benefit is suitable for people with young families who wish to protect against the loss of income provided by either or both parents.

Whole of Life Insurance

  • Whole of Life Insurance lasts throughout your life, unlike term insurance which is for a specified period only.
  • This means that regardless of when you die your dependents would be guaranteed a payout.
  • Whole of Life insurance can be a useful way of ensuring your dependants have enough money to pay for your funeral expenses.

Over 50s Life Insurance

  • Over 50s Life Insurance gives your family and loved ones a guaranteed lump sum when you die, whenever that may be.
  • It is not medically underwritten therefore acceptance is usually guaranteed.
  • Premiums cease at your specified age (i.e. 90), but life cover continues until you die.
  • This lump sum could help your family to pay any bills and expenses i.e. funeral costs.

In order to make a smart decision regarding the type of policy that’s best for you, you must first understand what a life insurance policy is and what you need it for.

It is here that our team of professionals can be of help.

Please contact Friends Financial Advisers for more advice and information.