It is not something many wish to dwell on but, in the event of death, life insurance pays out a lump sum to reduce money worries.
In these uncertain times, it is something that can offer a sense of financial protection.
Numerous products are on the market and the team at RNS Independent Financial Advisers can advise and arrange the one that's most appropriate.
They look at the whole of the market to ensure the quote is competitive and the best cover to meet your requirements.
Consider how long you need the cover, what size of pay-out would you like and who is the policy for.
Some of the various options available are:
Term Life Insurance
This will insure the person for a fixed period, usually between five and 40 years. This is often used to match the liability and length of a mortgage.
Whole of Life Insurance
This covers the individual for their whole life and therefore guarantees the lump sum will be paid. This can be a particularly helpful tool when planning around a potential inheritance tax liability.
There are various options which can further enhance it, such as critical illness cover.
Relevant Life Policy
A Relevant Life Policy is a tax efficient option available to businesses. Many employers offer it as a benefit to employees, paying the employees' family a lump sum if they die while they are employed. It can also be used to insure directors or business owners, again, paying the lump sum to the family.
Benefits:
The company can claim tax relief on payments;
Payments made not classed as a benefit in kind;
Benefits payable are tax free to the beneficiaries.
Other insurance policies available include serious illness cover, income protection cover and mortgage protection cover.
If you have any questions or would like a quote preparing, please contact RNS Independent Financial Advisers on 01724 842713 or email action@rns-ifa.co.uk