Life Assurance

Decreasing Term Assurance (DTA).  This (sometimes referred to as Mortgage Protection) can often be the cheapest option as the sum assured will reduce over the period and the term will be inline with the mortgage.  Critical illness and other options can be added.

Level Term Assurance (LTA).  Will be slightly more expensive as the life assurance cover amount will remain level throughout the term.  This gives you added flexibility and options over the longer term as the cover is not directly tied in with the mortgage term and amount.  Critical illness and other options can be added.

Whole of Life (WOL).  Will be the most expensive option as the life cover will not cease until death, thus there will always be a pay-out.  Provides cover for various other personal protection issues later into life when we likely to most benefit from it.  Critical illness and other options can be added, although some of these features may cease at a certain age.

These are the basic options.  There are other features such as renewable cover, guaranteed insurability, children’s cover and so on.  There also benefits such as Best Doctors (you can seek specialist advice regarding any health condition at no cost) or Global Treatment (you can have treatment undertaken by a specialist anywhere in the world).  An advisor will discuss the actual benefits and how they work so that you know exactly what you have. The use of Wills & Trusts can further help ensure policy proceeds are used in accordance with your instructions such as for example if you lose mental capacity.  The Financial Conduct Authority do not regulate Wills & Trusts.

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