Life Insurance
Life Insurance in Newcastle
Life Insurance
We are the Specialists that can give you advice on how to protect you against future eventualities.
Life Assurance can provide your loved ones with the appropriate Financial Protection against your death.
We can provide you with access to a wide range of Life Insurance Providers and will research the Whole of Market to offer you the cover you need at competitive prices for your individual circumstances.
What is life insurance?
Life insurance is insurance paid to named beneficiaries when the insured person dies;
Whole of Life
This is a policy which is more wide-ranging than a fixed term policy, covering the whole of the insured person's life, and with a sum guaranteed to be paid out on death.
Term Assurance
This is a policy that runs for a fixed period of years. It's useful if you just want life insurance during especially important times, such as when children are growing up or to protect a liability, such as a mortgage.
What is Critical illness cover?
CIC pays out a tax-free lump sum to policyholders if, during
the term of the policy, they are diagnosed with one of a number of specified 'critical' illnesses
or conditions, such as cancer, Parkinson's Disease, Multiple Sclerosis or paralysis following
a heart attack or stroke.
What is Family income benefit?
While its name sounds dull indeed, FIB is one of the most useful and best value protection products you can buy. Rather than providing a lump sum should you die it provides a regular, tax-free, monthly income for your dependants - from the time of the claim to the end of the plan term, can cover every day living costs, school fees, and will not impact on any benefits paid.
Family Income Benefit (FIB) is designed to pay out a regular benefit over a set period of time in the event of an assured's death. For example, Mr. Thompson is insured with a FIB of £20,000 per annum over twenty years and dies after 2 years of the policy being in force. The policy will then continue to payout £20,000 a year for a further
18 years to his remaining family. Certain insurance companies offer the option of taking the remaining benefit as a lump-sum payout. For example, in Mr. Thompsons' case his family would be entitled to £360,000. Other options available to a Family Income Benefit include index linking. This links the policy to the Retail Price Index ensuring any increases in the cost of living are reflected in the sum assured. The benefits of this being that the sum assured being paid out in 20 years time will still hold as much value as it would do today.
What is Income protection?
Designed to pay you a regular tax free monthly income if you are unable to work due to illness or injury. The claim will be paid either until you are well enough to go back to work,
or until your selected retirement age.
The amount of cover is based on a percentage of your gross earnings and is suitable for both employed and self- employed people. People who are unemployed or house persons are also eligible for PHI up to a level of £24,000 per year. This could be necessary for people who undertake vital duties within the household (such as carers) who are not paid a wage through an employer.
Our professional advisers can offer much more detailed advice on the benefits for individuals. When considering such a policy, we can save you time and money by searching the Income Protection products available within the entire UK marketplace for you, finding the most suitable plan for you.
Have you ever thought how you would cope financially should you be unable to work due
to illness or accidental injury? How would you pay the mortgage and other household bills?
Would you be able to maintain your current lifestyle?
Income protection insurance is paid directly to you to cover a percentage of your income or
set monthly amount should you be unable to work. You can chose how you spend your income protection insurance but it should be used to continue paying necessary items such as a mortgage, rent, loans or utilities. Taking out Income protection insurance in the UK enables you and your family to avoid suffering financially should you fall sick or have an accident that may lead to periods of unemployment.