Life Assurance
Life assurance offers your family financial security - and you peace of mind.
The are many different types of life insurance and so many life assurance companies that detailed independent advice on the plan that suits your requirements and the needs of your family is essential.
Term Assurance
These type of policies are usually cheap to buy and provide protection for the beneficiaries, for example family members, if the policyholder dies before a certain date.
The life assurance company agrees to pay out a certain sum if the insured dies before certain date i.e. the term of the policy. If the policyholder does not die within the term the policy lapses and there is no payout.
Endowment Policies
This is an investment policy. Regular premiums are paid and when the term of the policy expires a lump sum is paid out. Most endowment policies have a life insurance protection element which pays out a lump sum if the policy holder dies before the end of the term.
With - Profits Policies
This is another type of investment policy. Regular premiums are paid - or single premiums - and invested in an investment fund. When the term of the policy expires a lump sum is paid out plus the extra benefit of a bonus that is a share of the profits of the investment fund.
However the performance of the investment fund will be subject to economic forces and the value of bonuses cannot be predicted. Good quality independent advice is very desirable before you invest in with profits policies.
Whole of Life Policies
These policies provide cover for the whole of the insured's life. They are similar to Term Assurance but the premiums are more expensive because it is certain that the policyholder will die and the policy will have to pay out. The benefit payable on death may be either a lump sum or the value of the invested fund - whichever is the higher.
Contacts
For a free initial consultation please contact
- Duncan Orr
- Office: Seaford
- Tel: 01323 892549
- Email: Duncano@swindellsandgentry.co.uk
- Joe Fackler
- Office: Seaford
- Tel: 01323 892549
- Email: Joef@swindellsandgentry.co.uk
Swindells & Gentry Financial Planning Limited is an appointed representative of 2020 Financial Services Ltd which is authorised and regulated by the Financial Services Authority.