You probably already have some Life Assurance protection but are you sure it would meet the needs of your family if you were to die early?

Many people are lulled into a false sense of security by having some insurance or by assuming that 'the State' will provide for them and their families. However in many cases, people are significantly underinsured. So it's a good idea to review your insurance protection at least once a year to ensure your cover would meet your financial commitments.

Whole of Life Cover
If you are looking for life cover for the whole of your life rather than for a fixed term, the Whole of Life cover is what you must consider. Under current law, benefits are paid free of basic rate income tax. Protection available via these plans can be designed to offer you maximum flexibility, allowing you to increase or decrease the amount of death benefit and level of premium to suit your changing needs over the course of your life. You can also have a balance of protection and investment. Part of your premium is used to provide a lump sum benefit for your dependants on your death. Part is invested to potentially build up a fund over your lifetime from which you have the option, depending on future fund performance and the level of premiums you have paid, to make withdrawals either as a lump sum or as regular income. The choice is really yours!

Life Cover
The most straightforward form of life cover is term assurance. This type of assurance policy pays a cash lump sum if you should die or be diagnosed with a terminal illness during the term of cover, anywhere between 3 and 30 years, to a maximum age of 80.

You decide how much cover you want and how long it should last. Premiums are fixed at the start and can be paid monthly or annually. Rates, which include reduced premiums for non-smokers and those in low risk occupations, make this cover affordable for both the breadwinner and the family homemaker. Both partners can be covered with a joint life policy.