There is a vast array of protection arrangements in the market place designed to protect you and your family in the case of any unexpected eventuality. These plans are designed to give you peace of mind, knowing that you and your family will be financially protected if you were to die, contract a critical illness or be unable to work due to an accident or illness.
There are two main types of Life Insurance: term insurance and whole of life assurance.
Term insurance is the most popular and pays out a regular income or lump sum if you die within the policy term. It is called ‘insurance’ because you are taking out insurance against something that might happen during a certain period.
Whole of life assurance is different because your family can make a claim whenever you die. In other words, a claim is assured, hence the name, and the policy is guaranteed to pay out at that point, whenever it may be. Whole of life assurance can also be used in inheritance tax planning, by helping meet the objective of offsetting the possible impact of inheritance tax on an individual’s estate.
There are also income protection insurance policies that will pay out on ill health: long term income protection and short term income protection.
Long term income protection is an insurance policy that pays out if you are unable to work for an extended period of time in the unfortunate event that you become seriously or terminally ill. Pay-outs will continue until you can return to work or when the policy expires, which is usually upon reaching retirement or death.
Short term income protection insurance policies are available at a lower cost. They are designed to cover you should you be temporarily out of employment, usually six months to a year. This may be suitable for those who are made redundant, or people suffering an injury such as a broken arm or leg. It would not be adequate should you fall seriously, or terminally ill. You would only be covered for a percentage of your monthly wage, your mortgage payments or any debt repayments you may have for a short period of time.
Why choose us?
As Gilbert Stephens Financial Services Limited are independent we research the whole of the market to ensure we obtain cover that best matches your individual requirements at the most competitive cost. Our advisers have access to the latest online comparison quote and transaction portal, which has the widest provider and product coverage in the market. It enables us, as advisers, to undertake robust and accurate research, so we can treat our customers fairly by searching the largest range of protection products available.
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