Life assurance.
Life assurance, often referred to as life insurance, is designed to provide a financial payment if the person insured dies while the policy is in force and a valid claim is made.
LIFE ASSURANCE
What is life assurance?
Depending on the policy, this payment may be made as a lump sum or, with certain types of cover, as regular payments.
Life cover can be arranged for a specified period, known as term assurance, or potentially for the whole of someone’s life.
LIFE ASSURANCE
How it could help
A life assurance policy could help your family or other beneficiaries manage financially following your death. Depending on the amount and type of cover selected, the proceeds could potentially be used to:
- Repay some or all of an outstanding mortgage.
- Help a surviving partner manage household bills.
- Provide financial support for children or other dependants.
- Contribute towards education and future living expenses.
- Help cover funeral expenses or other financial commitments.
For example, a couple with a mortgage and young children may wish to consider how the surviving partner would manage mortgage repayments and other household expenses if one of them were to die.
An appropriately arranged life assurance policy could provide funds to help reduce those financial pressures.
LIFE ASSURANCE
Important considerations
Life assurance policies vary. Cover may be level, decreasing or structured in another way, and premiums and policy terms will differ.
Term assurance generally only provides death cover during the selected policy term. If the insured person survives beyond that period, no death benefit is normally payable.
Premiums must generally be maintained for cover to continue, and exclusions or other conditions may apply.
Life assurance does not necessarily cover serious illness or an inability to work unless additional benefits are included.
Important information about protection insurance
Protection policies are subject to eligibility, underwriting, policy terms, conditions and exclusions. The benefits available, premiums payable and circumstances in which a claim may be accepted vary between providers and products.
Failure to maintain required premiums may result in the loss of cover. Claims are not guaranteed and must meet the conditions of the relevant policy.
Our advisers can explain the relevant features, benefits, limitations and costs to help you consider suitable protection arrangements.
Ready to talk about your protection?
Talk to an adviser about the protection that fits your circumstances.