/

Life Cover

If anyone will be financially worse off in the event of your death you should consider taking out life assurance. Below are situations where life cover is recommended:

  • Mortgage/loan protection - It is advisable to ensure that a major financial commitment such as a mortgage can be paid off in full in the event of your death .
  • Personal Protection - If you have a spouse, partner, children or other dependants then funds could be made available to allow them to maintain their standard of living after your death.

You may already have life cover but it is always worth checking that the current level of protection is sufficient for your needs. For example, you may have increased your mortgage or inflation may have eroded the value of any personal cover you had previously effected.

Cover can be provided on a temporary or permanent basis. Term assurance is the cheapest form of life cover. It can be designed to either pay a lump sum or a regular income (known as Family Income Benefit) in the event of death. In simple terms, in exchange for paying a premium, the life office will agree to pay out a certain sum if the insured dies before a certain date. If the policyholder survives the term the policy will merely lapse.

Whole of Life policies are generally more expensive than term assurance as they are providing cover for the whole of the insured's life and there is certainty that the policyholder will die at some time. The benefit payable on death will be either a lump sum or the value of the invested fund, whichever is higher.

 

Contact Us

Jeffreys Henry Financial Services
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel: 020 7371 5244
Fax: 020 8371 3112
E: info@jeffreyshenryfinancial.co.uk

 

Jeffreys Henry Financial Services Limited is an appointed representative of Vintage Wealth Management Limited which is authorised and regulated by the Financial Conduct Authority. Number 593380.  Incorporated in England and Wales.  Company number 03824520.  Registered Office: 5-7 Cranwood Street, London, EC1V 9EE. Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.

Home | About Us | Contact Us | Latest News | Site Map

Contact

Tel: 020 7371 5244
Fax: 020 8371 3112
E: info@jeffreyshenryfinancial.co.uk