Single or Joint Policy
It depends if it is to pay off a debt or provide a nest egg for your family. If the policy is taken out to pay of a debt such has your mortgage then a joint policy arranged on 1st death basis would be your cheapest option.
However if it was to provide a lump sum for your family then single policies maybe more suitable as after the first claim the surviving partner would still have cover which may not be available in the future.
Mortgage Term Insurance
Whilst basic term assurance is for a specified sum assured for a fixed term, mortgage protection is normally a cheaper option due to the sum assured reducing in line with your mortgage balance.
Family Income Benefit
Another life insurance option not normally advertised is to leave your family a fixed monthly income for a set period. You may want the comfort that the money could not be spent in a short period but would last long enough until your children would be independent.
Trusts are not regulated by the Financial Conduct Authority. The benefits of putting a policy in trust is to put the right money in the right hands at the right time. What this means is the policy would pay out without waiting for probate and be paid to your selected beneficiaries. It maybe that you would not want your children to inherit a large lump sum too young so you could arrange trustees to manage their affairs.
The payout from life insurance will form part of your estate and may be subject to inheritance tax.
By putting you policy in trust the proceeds with be paid direct to your beneficiaries and not used in the calculation for inheritance tax.
Also known as term assurance is the simply way to help protect your loved ones in the event of your death. Life Insurance could provide a nest egg to help your family reduce the financial worries if you were no longer around.
Life Insurance Quotation
Would you please send me a quotation for the following Life Insurance