Life Insurance
Who needs life insurance?
In short, life insurance is designed for anybody wanting to leave behind a cash lump sum behind. This money can replace your lost income, repay debts, or create a nest egg for your family and children. Life insurance becomes especially important when purchasing with another person jointly. You have an obligation to one another. Life insurance can assure that, upon the death of the first mortgagee, the survivor can live at the property mortgage free.
Life Insurance
Who do you want to inherit your mortgage debt when you die? Wait, you thought the debt just magically disappeared upon your death? Sadly, not. When it comes to life insurance, it really is a matter of responsibility and necessity as opposed to desirability. Life insurance will pay a tax-free lump sum to your specified next of kin upon your death. This money can wipe your outstanding mortgage debt, meaning that your loved ones can live in the property mortgage free and unburdened by the debt.
Relevant Life Cover (for business owners)
Business owners, did you know that you could take out a relevant life insurance policy? Relevant life cover is a form of death-in-service benefit. This policy will be set up and paid for by the company (not yourself) which means that your monthly premiums are extremely tax-deductible. The policy’s premiums are an allowable business expense. Regarding the pay-out, this can be paid to the director’s family upon death. This is something that you could also put in place as a benefit for any self-employed staff members, giving them the advantage of a death-in-service benefit that can be paid out to their families upon death.
Request A Call Back
If there is anything you’d like to talk about that you can’t find the answer to, we’d be happy to get in touch and see how we can help. Just complete the short form with your name and number and we’ll be sure to get back to you.