Life Insurance

Life insurance insures the policy holder in the event of death, proceeds are typically paid to family members on death. There are numerous different types of life cover which are suitable in different scenarios.

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Insurance is a key part of any financial plan. Unfortunately, primarily due to the plethora of confusing aggregator sites on the internet these days, people can get ‘cheap’ life cover without necessarily understanding if they have the right amount of cover, from the right type of policy, for the right period of time, perhaps without proper understanding of the policy terms and conditions or whether the policy should be placed in trust.

Why use a Financial Adviser to broker insurance:

An insurance policy taken out through an aggregator site is more likely to be unsuitable, relative to a brokered policy.

It is best practice for a financial adviser to structure your insurance policy, with a holistic financial plan in mind.

The types of things a good financial adviser will look at when structuring your policy are; your holistic financial plan, debts, IHT, family illness, mortality statistics, your health, financial legacies and estate planning, lifestyle; risk to family if main earner is unable to do their own job; company accounts if self-employed; employment contract if employed, use of trusts, etc.

Question: Would you take out a cheap insurance policy if you knew that it may not be suitable for your requirements?

Alex specialises in brokering suitable Life Insurance policies for Directors, Contractors, Freelancers and both Self-Employed and Employed people, alike.

Here’s some reasons why you might think about taking out a Life Policy:

  • Death is a known entity in that it will happen, at some point in our lives, to all of us.
  • If you are a schedule E employee, a director or self-employed and your cover is for a business purpose, your insurance premiums could qualify as a tax deductible expense, subject to approval from the local inspector of taxes.
  • You can use an insurance policy to pass on a financial legacy to your loved ones, tax free. However, if the proceeds are paid to the estate, they may be liable for IHT.
  • Whole of Life policies are market risk free, i.e. not typically linked to the financial markets.
  • Return on Investment. Whole of Life policies can provide a good, risk free return on the premiums paid throughout the term. This is a way to diversify inheritance away from the financial markets or property.
  • Personal policies can benefit from tax efficiency too. Where, if set-up in a suitable trust, on death the sum assured will not form a part of the deceased’s estate.
  • If a suitable trust is used, funds can be administered quickly on death without the need for a grant of probate or a Will.

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