What is the best Life Assurance?

There are different types of Life Assurance in the market place from different providers but which is the best for your needs? Some of those that that may require Life Assurance would be:

• Paying of mortgage payments
• Paying of any other outstanding loans
• Providing an income for the surviving spouse or civil partner
• Paying for funeral costs
• Paying any potential inheritance tax liabilities

However not every type of Life Assurance is suitable for every need.


Decreasing Term Assurance
With Decreasing Term Assurance the original sum assured will decrease by a predetermined time with the eventual amount usually reaching zero at the end of the term.

This type of cover could be used for the repayment of mortgages or loans that have a decreasing sum assured.


Level Term Assurance
Similar to decreasing, however, the sum assured will remain the same until the end of the term. These are particularly popular if a client has made a potentially exempt transfer which could be subject to an inheritance tax liability on death.

It is worth noting that Term Assurance policies have an end date and if the assured survives the term then no claim can be made. If term required is until death then a suitable policy type could be:


Whole of Life Assurance
A whole of life policy is designed to pay out a cash lump sum at death whenever this occurs. These types of policies could be suitable to cover funeral costs as well as inheritance tax liabilities if a client would have an estate valued higher than any tax free threshold that remains.

The examples stated above are not exhaustive and should not be taken as advice. When looking at Life Assurance appropriate advice should be taken, Hartley Pensions do not provide financial advice. However, once the appropriate cover has been determined, you can get a quote from some of the leading life assurance companies at the best rate in just a few minutes by visiting the life assurance section of the website.

By Richard Cropley | March 26, 2018 | 0 Comments

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