To provide for your family in the event of your premature death is everybody's basic instinct. The sums of money required to do this in today's terms are huge, however with a little planning the cost of protecting the required sum can be just a few pounds per day.
Often times it is difficult to calculate the amount of protection cover that you actually need. At Global Wealth Management we will conduct a full financial review to help you decide what level of protection your family needs should the worst happen. For instance, you may think that enough might be that amount of any outstanding debts, e.g. mortgage, but you may not have thought about the expense of higher education for the children, repatriation of your family or even potential IHT (Inheritance Tax) liabilities. Our Financial Reviews are completely free, so why not talk to one of our experts today.
As the name suggests, these policies are designed to provide cover and remain in force right through the buyer's life. Most policies of this type are unit linked and may provide cover on a "maximum" basis with regular premium reviews, or a "standard" basis whereby premiums and cover levels are more likely to remain at the agreed level.
Due to the nature of this type of policy it follows that the insurance company will have to pay out in almost every case, and premiums are therefore higher than those charged on term insurance plans. You would typically use this type of plan to cover any potential IHT liabilities or perhaps to leave as an inheritance for your children or grand children.
To provide for you and your family in the event of you being diagnosed with a Critical Illness as specified by the Life Office in their policy conditions. When comparing premium levels you will find that some life offices are perhaps more expensive than others, yet the premium can often reflect a more comprehensive element to the protection offered. Unlike life cover where there is very little difference in policy conditions between one life office and another, with Critical Illness Cover there is a significant element of "quality of cover" to consider.