- If you have a mortgage and/or dependants then sufficient insurance cover on your life could be crucial for your family’s future well-being and your current peace of mind.
- If you are not married or in a civil partnership and have no Will then putting your life policy into a suitable trust deed is very important to ensure you achieve your desired objective and avoid the consequences of the law of intestacy. N.B. Although the size of policy premium is a key consideration it must always be remembered that not all providers offer the same policy terms and exclusions to their life cover.
- Those providers offering more generous terms and fewer exclusions could be better value for money. This is an area in which Acorn Financial Services can be most helpful to you by recommending the most suitable provider with the most affordable life policy.
Term life insurance for individuals:
- In exchange for regular premiums, the insurer pays an agreed lump sum of money in the event of a specified critical illness.
Whole of life insurance for individuals:
- Whole-of-life insurance is designed so the policy pays out a lump sum to your loved ones when you die. The main reason people still take out whole-life cover is to help cut their family’s tax bill, particularly Inheritance Tax (IHT).
- If you take out a whole of life policy and write it under trust, your beneficiaries should receive a cash free lump sum, which they can use to pay the IHT bill.