Independent Life Insurance Advice
None of us want to think about the prospect of dying or what we may leave behind for our loved ones when we are no longer around. However, if you wish to support your family after your passing, securing a life insurance policy is a way of achieving this.
Life insurance offers the assurance of a lump-sum pay-out in the event of your passing, and in certain situations, if you receive a terminal illness diagnosis. Having financial protection can ease the burden on your loved ones during challenging times. If your income plays a crucial role in maintaining your family's quality of life, life insurance can offer a sense of security. You have the flexibility to tailor the coverage amount to your specific requirements, such as ensuring there's adequate coverage to settle your mortgage, or provide an income to help support your family.
There are two main types of life insurance policies: term assurance and whole-of-life cover.
Term assurance provides a lump-sum pay-out if you pass away within a predetermined period, ensuring your loved ones have the financial resources to avoid financial difficulty, or settle any outstanding debts. You can align the policy's term with specific commitments, like your mortgage term, or your children reaching a specific age whereby they will become financially independent.
Whole-of-life insurance, on the other hand, guarantees a pay-out regardless of when you pass away (it doesn’t have a set term). It can serve as a tax-efficient method for passing on your assets since beneficiaries typically do not face capital gains tax or income tax on the received lump-sum payment. However, it's crucial to be aware of potential Inheritance Tax (IHT) implications if the pay-out increases your estate's value above £325,000, triggering a 40% IHT liability.
This highlights the importance of seeking advice from an Independent Financial Adviser such as Intelligent Financial Advisory.
Our team will help you determine the most suitable strategy; for instance, placing your life insurance into a Trust to mitigate IHT. Every situation is unique, and we'll provide tailored guidance based on your individual needs, circumstances, and the beneficiaries you intend to benefit from any pay-outs.
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