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LIVE 24-SEVEN THE CORRECT TYPE OF POLICY & COVER


At this time of year, we start to think of all the festivities around Christmas, the presents, the Christmas dinner, the parties, the wine and maybe the sherry. The importance of family is at the forefront of all we do. However, when it comes to providing for the family in the event of an untimely death, a great percentage of people either have insufficient cover, an unsuitable policy or worse still, no arrangements at all.


What are the different types of Life Assurance Options available? There are various types of life assurance policies available, decreasing cover, index linked, level cover, whole of life cover and family income benefit. These are just some of the most popular insurances taken up but not all policies do the same.


It is important to obtain advice from a qualified Financial Adviser on the most suitable type of policy and the correct level of cover for you and the family. Term assurance - The most basic type of life insurance is called term life insurance, where you choose the amount you want to be insured for and the period for which you want cover. If you die within the term, the policy pays out to your beneficiaries. If you don't die during the term, the policy doesn't pay out and the premiums you've paid are not returned to you.


MPG 6


There are three main types of term assurance to consider – level- term, decreasing-term and increasing-term insurance. Sometimes a combination of the two is the best answer.


Level term: pays out a lump sum if you die within the specified term. The amount you are covered for remains level throughout the term – hence the name.


Decreasing term: the amount you are covered for decreases over the term of the policy. These policies are often used to cover a debt that reduces over time, such as a repayment mortgage.


Increasing term: the amount you are covered for increases over the term of the policy, to keep up with inflation so that your family can make the most of your payment.


Family income benefit policies - Family income benefit insurance is a type of decreasing term policy. Instead of a lump sum though, it pays out a regular monthly income to your beneficiaries until the policy's expiry date if you die.


Whole-of-life policies - As the name suggests, whole-of-life policies are ongoing policies that pay out when you die. Considering it's guaranteed that you will die at some point and therefore that the policy will have to pay out, these policies are more expensive than term assurance policies, which only pay out if you die within a certain timeframe.


Waiver of Premium, what is it? A waiver of premium for payer benefit clause in an insurance policy says that the insurance company will not require the insured to pay a fee to maintain the plan under certain conditions. Most commonly, these conditions are the death or disability of the person paying the insurance premiums.


The insurance company may charge a higher premium to include this waiver in the policy to compensate for the additional risks presented with a waiver of premium for payer benefit. The payor is the life insurance company and the payer is the policyholder who pays the bills.


How Waiver of Premium for Payer Benefit Works As an example of a waiver of premium for payer benefit, consider if a parent or grandparent purchased a life assurance policy for their child or grandchild. The policy might contain a waiver of premium so that the child would continue to be covered even if the parent or grandparent died or became disabled and was no longer able to pay the premiums.


Place a life assurance policy in Trust A trust is a legal arrangement where you give cash, property or investments to someone else so they can look after them for the benefit of a third person. For example, you could put some of your savings aside in a trust for your children. The assets held in trust are held for the beneficiary's benefit.


With regards to life assurance, a policy should be placed in trust so that the policy benefits are paid direct to the nominated beneficiary. This means that the benefits payable will not form part of the estate and does not need to go through the probate service. There are different types of trust available, so it is important to seek professional advice before writing a life assurance policy in trust.


May I take this opportunity to wish all the readers of Live 24-Seven a very Merry Christmas and a Happy New Year from myself and all at Moneywatch Finance. Moneywatch Finance have offices in Halesowen, Harborne & Solihull


PROVIDING FOR YOUR FAMILY LIFE ASSURANCE - CHOOSING


For further information please contact Peter Hunt on: 0121 503 0961 www.moneywatchfinance.com LIVE24-SEVEN.COM


THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE


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