A life assurance policy can be used to provide a lump sum to your dependents in the event of your untimely death. This could be used to replace lost future income, pay off outstanding debts or possibly meet inheritance tax liabilities that may be incurred. Structuring these benefits in the correct way could also result in substantial tax savings.
You cannot rely on always being there for those who depend on you. That is why it's important to have the right sort of life insurance policy in place. The cost and level of cover you might need depends on your own personal circumstances. At Connolly McCabe FB Ltd we will be happy to help you work out the level and type of life cover you require.
If you would like to find out more on life assurance policies please contact us at Connolly McCabe FB Ltd.
Why not try our Life Cover Calculator to help you decide what level of life cover you should have and how long you should have the cover for.
Types of Life Cover:
Mortgage Protection: in the event of your death this protection clears the remaining balance on your mortgage.
Level Term: in the event of your death the policy will payout a guaranteed lump sum which could be invaluable in helping your dependants be financially secure without your income. The level of cover and premium remain fixed for the term of the plan.
Convertible Term: this cover also pays a lump sum on death but allows you to extend the cover beyond the term any time before the expiry of your existing policy without medical evidence.
Whole of life: this type of policy has no specific end date. It continues throughout the life of the policy providing the premiums are kept up to date.
Inheritance Tax: this life assurance is called a Section 72 plan. It is designed to pay out a tax free lump sum on the death of the policy holder equivalent to the Capital Acquisitions Tax (CAT) Bill faced by his or her estate.
Contact us to arrange an appointment with one of our Financial Advisers.
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