Advanced Mortgage Services Ltd is an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Advanced Mortgage Services is registered in England. Company registration number 4751565.
Cherry Tree House, 20 Inverleigh Road, Bournemouth, Dorset, BH6 5HA.
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If you have a partner or family who depend on your regular income, you need to be sure they could cope financially if anything happened to you.
Ask yourself the question.
Would they still have to find money to pay the mortgage, cover all the bills, keep the family car running, go on holiday even buy food? You need to review your life cover regularly to make sure it's still sufficient for your circumstances. You may need to increase your life cover if you've recently had children, increased your mortgage or changed your job. Also, inflation may have reduced the value of any life cover you have taken out in the past, so it's worth checking whether it would still meet your family's needs.
The questions you should ask are:
• If I died today would my family have enough money to last them the next 10 to 20 years?
• How much will it cost me?
• How long will I need life cover for?
• Are the proceeds from a claim paid out as a lump sum or regular payments?
• Will the cover increase to keep up with inflation?
• Would the payments from the life cover be taxed?
• Are the life policies written in Trust and how quickly would they be paid out?
• Who would receive the benefits if both you and your partner were to die?
• Do you have trustees and guardianship arrangements for your children?
Other considerations will include types of insurance and options available:
• Level Term Policy: sum insured remains level throughout the term.
• Decreasing Term Policy: sum insured reduces throughout the term. Usually used with repayment mortgages.
• Whole of Life Policy: Will continue until death of the insured person or persons.
• First Death: Pays out sum assured on the death of the first person insured. Often used with joint life policies.
• Second Death: Pays out sum assured on the death of second person insured. Often used with a whole of life policy and inheritance tax planning.
• Guaranteed Premium: The cost of the insurance remains the same throughout the term.
• Re-viewable Premium: The cost of the insurance is reviewed throughout the term.
• Indexation: Both the cost and cover increase in-line with inflation or an agreed percentage.
• Waiver of Premium: Provides payment of premiums in certain circumstances.
• Terminal Illness: Can sometimes pay the sum assured before death if it has been established death will be within 6 months.
• Family Income Policy: These can provide a regular monthly income rather than a lump sum.
• Relevant Life Policy: These can be set up by an employer for their employee and can be very tax efficient.
If you would like to know more information regarding Life Cover Insurance and to provide you with a personalised quotation Please Contact Me.
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.