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Level Term Insurance

A fixed term policy, Level Term Insurance pays out an agreed amount should the insured person die within the terms of the plan. Premiums can either be guaranteed or reviewable. As there is no investment content, the policy ceases at the end of the term.

Decreasing Term Insurance is similar to Level Term Insurance but usually runs alongside a repayment mortgage. A fixed amount is agreed at the outse of the plant.  Over the course of the term that amount decreases with an agreed percentage.  At the end of term the policy ends, there is no investment content.

Family Income Benefit

A  cost effective way of providing for your family in event of death, Family Income Benefit provides a fixed income for a fixed number of years in event of a claim.

Many people don’t believe they can afford sufficient life insurance to protect their families properly, in our experience this type of plan can give you a great cost effective solution.

Income Protection

Income Protection Insurance is designed to provide a replacement income should you be unable to continue working as a result of an accident or sickness.
The plan can typically cover up to a maximum of 60% of earnings. It ensures you continue to receive a regular income, after a deferred period, until you are able to return to work or the end of the term of cover whichever occurs sooner.
Income Protection does not have any investment content and minimum deferred periods and term of cover can vary; this enables you to protect your income at an affordable cost.

Whole of Life

This type of plan will pay out whenever you die, provided premiums are maintained. Often used to create a Legacy or for Inheritance Tax Planning.
Many providers offer guaranteed premiums so that there are no nasty surprises of reduction in cover or price hikes in the future.

Trusts

Looking after loved ones

Trusts are used to ensure that specific assets or benefits can be paid to the people you want to receive them. For example if you have a life insurance policy and you want the proceeds to be paid to your children (beneficiaries) on death, unless you have the plan in trust this money will form part of your estate, it could be liable to inheritance tax and the final figure could be taxed at 40% and even if it’s not it will be a lengthy process before your children see a penny. If the policy is in trust on your death the sum assured is passed straight to your beneficiaries and protected from tax.

Trusts can be used in a variety of ways and can include other assets so it’s important that you discuss this with a professional adviser. At Lifelong Financial Planning we can help you to create a trust that ensures your loved ones benefit from your hard earned assets.

To find out more about trusts and inheritance planning contact info@lifelongfp.co.uk