Life Insurance

There are three common ways of setting up life insurance.

Term Assurance – which provides cover for a set number of years or ‘term’ and pays out a lump sum in the event of death.

Family Income Benefit – also provides cover for a set term but instead of paying a lump sum, this type of policy will pay out a monthly amount to the surviving family for the remainder of the term.

Whole of Life – this provides cover for the whole of a persons life provided the monthly payments are paid. This type of policy is usually more expensive than term assurance but is ideal for funeral expenses or Inheritance Tax protection.