Life Assurance

A life assurance policy pays out a tax-free sum if the life assured dies or suffers a terminal illness.

The amount of cover and length of policy can be selected to suit your needs. The sum assured could remain level for the full term of the plan or you may also have the option of increasing or decreasing cover. Alternatively, you could choose a policy that pays out a regular cash sum as opposed to a lump sum payment.

Cover can be taken out on a joint life or single life basis with premiums paid monthly or annually.

It is possible to write a life assurance policy under trust which can lead to faster pay outs as the policy would avoid probate and the funds would fall outside of the estate for tax purposes.

Trusts are particularly relevant for partners who aren’t married or do not have a will, as it means you can leave money to the people you choose.

Life insurance is not a savings or investment product and has no cash value unless a valid claim is made.