Protection: Life Cover
Whether you need Life Cover or Mortgage Protection for you or your family, A.J. Short & Associates can advise you on a range of products including Mortgage Protection, Life Cover and where requested, Specified illness cover. As we provide our advice on a fair analysis basis, we always provide our clients with the best cover available at the most competitive premiums There are a number of different types of plans available depending on your individual circumstances and the type of cover that you require.
The most common form of life assurance is mortgage protection,which is life protection cover, designed to pay back your mortgagein the event of your death. The amount of your life assurance decreases at an assumed interest rate in line with your mortgage balance. In most cases you are legally required to take out a Mortgage Protection plan if you have a mortgage.
Level Term Life Cover provides alump sum payment if the life assured dies during the term of the contract. Convertible Term Life Cover gives the option for partial or full conversion, atany time during the plan term, to an alternative plan type without requiring additionalmedical evidence.
Guaranteed Whole of Life Cover (Inheritance Tax Cover):
Guaranteed Whole of Life Cover provides a lump sum payable on the death of the life assured for a guaranteed premium (no premium reviews). This can be set up as a Section 72 policy to cover a beneficiary’s inheritance tax liability or simply to provide a lump sum on the death of the life assured.
All businesses, whether large or small, are heavily dependent on one important asset – their people. If one of the key people or business directors were to become seriously ill or die, the company may encounter serious problems and issues may arise over shares of the business. Business Protection is designed to offer a solution to problems andhardships that may arise.
- Keyperson Insurance provides an immediate lump sum payment on the death or specified illness of the individual insured under the policy.
- Arranging Partnership or Co-Directors Insurance, along with creating a Buy/Sell Agreement, means that the surviving partners can buy the deceased’s share at a fair price from the deceased’s estate and the next of kin are not locked into the company.
- With Company Buy Back Insurance, the company arranges life assurance and enters into a Contingent Purchase Contract (Double Option Agreement) with each shareholding director so that in the event of their death, the company acquires an option which obliges the deceased’s next of kin to sell their shares back to the company or the company to purchase shares from them at a fair open market value.
Pension Term Assurance
Pension Term Assurance is a type of life cover that pays your estate/dependants a guaranteed lump sum if you die before retirement. The advantage of this type of life cover is that, because you receive tax relief on your premiums, it offers real value to you. Pension Term Assurance is only available on a single life basis, it does not protect your partner’s life. Depending on your employment status, you may be eligible for either Personal Pension Term Assurance or Executive Pension Term Assurance.