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Term Assurance

You don’t have to have a mortgage to be in need of life cover. There is often a need to insure yourself to provide the family with protection beyond any mortgage you may have.

These types of policies can either be level, increasing or decreasing dependent upon the type of cover you need. They will run for a specific term and will pay out a lump sum specified if death occurs during the term of the policy. The benefit is then paid to your estate free of income tax but possibly subject to inheritance tax. To ensure the right person receives the benefit we always recommend you right your policy in Trust.

At a greater premium you can also add the benefit of critical illness cover which will provide the lump sum benefit on the diagnosis of a critical illness by a Chief Medical Offer as an early payment. This allows you to either use the funds to have treatment required or spend it as you wish. Please remember that each insurance company may cover or exclude different illnesses so it is important to discuss the pros and cons of each provider before you start a policy.

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