If you’re over 55 and you haven’t taken out a life assurance policy, you may wish to consider one. It’s important to ensure your loved ones are protected in the event of your death, and life assurance is designed to cover them. If you’re based in Newcastle-Under-Lyme, Stoke-on-Trent or the wider Staffordshire area and you’re looking for expert advice on life assurance, we can help.
What is Life Assurance
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners.
It can provide the reassurance of financial protection for you, your family and your business associates.
A Life Assurance policy pays out a sum of money when the person who is covered by the plan dies. The money is intended to pay off any outstanding debts and support your dependants financially by providing them with a further lump sum or a regular income if you die.
Even if there are no dependants who may be financially affected by your death, some Life Assurance policies could go towards covering funeral costs.
The type of Life Assurance and the amount of cover will depend on an individual's particular circumstances and requirements. Factors to consider will include age, dependants, level of income and financial liabilities.
Premiums are normally paid to the insurance company either monthly or annually for a fixed period of time or in some cases, until death.
Types of Life Assurance
While the overall concept of Life Assurance is fairly easy to understand, there are some complexities.
Most importantly, there are different types of Life Assurance products, covering Term Assurance, Whole of Life, Endowment policies and others.
However, because of the many options and flexibility, Life Assurance can be a powerful instrument in your financial planning toolkit.
Please be aware that in some cases this type of assurance is based on an assessment of the health of the applicant.
THESE PLANS TYPICALLY HAVE NO CASH IN VALUE AT ANYTIME AND COVER WILL CEASE AT THE END OF THE TERM.
IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
To speak to one of our friendly life assurance advisers, contact us now on 01782 346 491. We’re a team of specialist advisers covering life assurance and other forms of insurance, based in Newcastle-Under-Lyme, Staffordshire, close to Stoke-on-Trent.
