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Life Assurance

Life assurance is a type of insurance that provides a lump sum when you die. This type of plan provides peace of mind because if something were to happen to you, your family would be taken care of financially. Term life assurance covers you for a specific terms of years, whereas whole of life protection covers you for your entire life.

With a life assurance plan, you can protect your family from the financial implications of a tragedy, but it's essential to consider your options carefully. Our experienced protection advisers in Bedfordshire can help you get the cover you need, recommending and comparing life assurance policies that will work for you and your family, ensuring a lump sum will be paid to your loved ones when they need it most.

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How is it different from life insurance?

The terms "Life insurance" and "life assurance" are often used interchangeably, but there are some key differences to keep in mind. The word "assurance" is used because you're "assured" a valid claim will be paid to your loved one, regardless of when you die (so long as you pay the premiums).

Life insurance covers you for a specific term, meaning you will only pay the premium for the duration of your policy; however, you will only be covered if you pass away during that term. Life insurance may be seen as the most cost-effective solution; however, if it's crucial for you to have a lump sum paid out to your loved ones whenever you pass away, a life assurance policy is well worth considering.

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What are the key benefits of taking out life assurance?

  • Complete peace of mind for your loved ones.
  • Prepare financially for life's unknown.
  • Ensure your family can make ends meet if the unthinkable occurred.
  • Minimise disruption and compensate for a loss of earnings in the event of a tragedy.
  • With the right adviser by your side and comprehensive planning in place, the lump sum from a life assurance policy can be received tax-free.
  • It can be used to repay a mortgage or another loan in the event of death, ensuring your family is protected from repayments after you have passed away.

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How can Mortgage Store help you?

This form of insurance is a financial safety net, but there is a lot to consider, such as adding critical illness cover.

It's also important to understand that as this is a 'maximum cover' policy, your premiums will be regularly reviewed and may increase over the years. Still, Mortgage Store can help ensure you get the right plan for your needs at the best possible rate. To learn more about us and see how we can help you find the right cover, please send us a message, or call us today.

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