Life Insurance
Life Insurance is a simple and cost effective solution that provides protection in the event of death. It has many applications, the following being examples of some of the most common:-
- To protect the family against the consequences of the early death of a ‘bread winner’
- To cover debts, such as a mortgage
- To cover a potential Inheritance Tax liability
It is also used by businesses to insure against the death of Key Personnel and Shareholders.
There are various different types of Life Insurance products that can be used, and to ensure that you take up the right option at the outset, it is recommended that you obtain Independent advice.
In some cases the use of a Trust is recommended, and S-Tech can provide a simple Trust document produced by the recommended Insurer. A Trust will enable the benefits to be paid quickly to the intended beneficiaries, and will also keep them outside of the Estate for Inheritance Tax purposes.
A relatively recent extension to Life Insurance is a benefit called Critical Illness cover. This is often referred to as ‘Living Insurance’ as, unlike Life Insurance, it pays out a lump sum to the insured individual on diagnosis of certain specified ‘critical illnesses’ even if a full recovery is made. The main conditions covered are Heart Attack, Stroke and most Cancers.
This benefit can be arranged on a stand alone basis or included with Life Insurance in a combined policy. The manner in which this can be done does differ between insurers and therefore advice is always recommended when considering this combination of benefits.
In all cases S-Tech, as Independent Financial Advisors, can assist you in finding the most appropriate solution.
For further information or a quotation please go to the contact us page.