Longton Financial Services/Investment Specialist/Retirement Planning/Lancashire/Preston
Financial Advisor Lancashire
Investment Specialist Lancashire
Investment Specialist Preston

One of the most destructive things that can happen to a financial plan is the death or loss of health for you, a spouse or a business partner.

What effect would there be on your family or business if you had died or suffered a critical illness yesterday? Would the income to your family or business continue and, if so, for how long? Would all the liabilities be met or would assets have to be sold?

A range of financial protection arrangements is available and some of your options are summarised below:-

Level Term Assurance – an arrangement which provides a lump sum payable upon death within a fixed time period specified at the outset, for example, 15 years. The cost of this can be met by monthly or annual premiums.

Convertible Term Assurance – an arrangement similar to Level Term Assurance with the option to convert the life assurance to another arrangement when the fixed time period expires.

Renewable Term Assurance – an arrangement which is again similar to Level Term assurance with the option to extend the life assurance for a further fixed time period when the original term expires, for example, a five year renewable term assurance can be extended for a further five years when the original fixed time period expires.

Whole Of Life Assurance – an arrangement which provides a lump sum payable upon death, with no time limit. The cost of this is met by monthly or annual premiums.

Critical Illness Cover – an arrangement which provides a lump sum on diagnosis within a fixed time period of any one of a range of critical illnesses. This cover can be combined with any of the Term Assurance plans described above or Whole of Life Assurance.
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