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Protecting Your Loved Ones

Life insurance helps you to financially protect your family. It could pay out a cash sum if you die while covered by the policy. You choose the amount of life cover you need and how long you need it for, and you can pay your premiums monthly or annually.

Life insurance provides a safety net for your family and loved ones if you die, helping them cope financially during an otherwise difficult time. Ultimately, it offers reassurance that your family would be protected financially should the worst happen.

Life Insurance also referred to as Term Assurance or Mortgage Term Assurance is designed to pay a lump sum (the sum assured) in the event of the death of the life assured within a specified term. The sum assured can either reduce in line with your mortgage balance (which is known as decreasing term assurance), or can remain the same throughout the term (known as level term assurance). This is commonly used to repay an interest only mortgage on the death of the life assured, or can provide valuable funds for the family of the deceased to replace their lost income. You could also add an indexation option to your cover. This will ensure your cover stays in line with inflation and will often follow the RPI (Retail Price Index) thus making sure your cover is always sufficient.

Whole of Life Insurance is another policy which does exactly as it says. It covers you for the whole of your life. When the inevitable happens, providing the policy is still in force, it will pay out a death benefit. Although they can provide a surrender value, they should not be used for investment purposes due to the deductions made for the death benefit.

Each premium is made up of a mortality element and a savings element. Upon death, a fixed sum is paid to the beneficiary along with the balance of the savings element. The performance of the underlying investment fund for Whole of Life Plans is important, as the cost of future premiums depends on fund performance.

We will advise whether any life policies that we arrange for you should be placed in Trust for your chosen beneficiary/s so avoiding lengthy probate and to potentially help mitigate against the policy proceeds being subject to inheritance tax.

All Trusts are created by our experienced Life Insurance adviser free of charge, please note Trusts are not regulated by the Financial Conduct Authority. 

Avenue Financial Services will work with you to ascertain your requirements in the most appropriate and cost-effective manner, providing peace of mind that you and your loved ones are protected.


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