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The Importance of Protection and Protecting What’s Important

By Pauline Bowden
This article is published on: 25th August 2016

Life Assurance is not the most popular of topics, as no-one wants to think about dying!

Most people have mortgages, loans, household bills, perhaps education fees, the payment of which is totally dependant on the income of the “bread winner”. Most Life Assurance policies are taken out to replace that income should the bread winner die or where there are children in a family to cover the life of the housewife/husband.

If your partner died, would you give up work to look after your children? A Life Assurance policy can provide the funds necessary to employ a carer/housekeeper.

Business partners too are financially dependant on each other. Should one of the partners in your company die, Life Assurance can provide a lump sum payment to buy the shares from the widow/er and help with the costs of finding new staff.

There are two main types of Life Assurance:

  • Term Assurance. This pays a lump sum on death or diagnosis of terminal illness within a set period of time. Often used for mortgage protection/family protection.
  • Whole of Life. This pays out whenever you die. Often used for Inheritance Tax, funeral expenses or for family protection.

So, how much life cover do you need?

Employer schemes generally provide 4 times the annual salary but in order to provide sufficient capital to fully protect the financial future of a family, most Financial Advisers would recommend up to 10 times the annual salary.

And how much will it cost?

The cost of Life Assurance varies according to age, sex, medical and family history etc.
To find out more about this subject call Pauline Bowden now on 95 289 0383 for a confidential and personal consultation.

Article by Pauline Bowden

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