Life Insurance

Life cover gives you peace of mind that your loved ones will be well-taken care of in your absence. The death of a parent or partner is an emotionally challenging experience, especially if they were the breadwinner or they accumulated huge medical bills. A lump sum can help pay off mortgages or finance other types of daily activities such as education tuition.

Our products

Our Life Cover products provide your loved ones with the essential financial support needed if the unexpected happens. We’ll provide you with all legal advice before you sign non-disclosure or confidentiality agreements to ensure all your interests are protected.

There are several life insurance products, including:

• Single or Joint Life Cover
• Decreasing or Level Term Cover
• Lump-sum payable on diagnosis of a terminal disease
• Accidental Death benefit, with a free cover of up to £250,000
• Interim Life Cover, which is free when linked to our residential mortgage

Why you should put your life policy into trust

According to U.K. law, any inherited funds are subject to Inheritance Tax, which is 40% of the proceeds for amounts worth more than £325,000. With a trust, not a single penny will be deducted from your life policy money.

A trust gives you full control of your estate and allows your beneficiaries to receive prompt payments. The trustees will be able to pass the money to your loved ones without needing to wait for months for probate.

If you are not in a registered civil partnership, such as a marriage, a trust will ensure your proceeds do not form part of your estate. If you have not created a will or you don’t have a trust, the money from your insurance policy might not be automatically disbursed to your preferred beneficiaries.

A trust enables you to specify where you would like the proceeds to be paid. This eliminates stress on your part because you’ll be sure that your loved ones will receive the money, and in a much quicker way, to help them settle any crucial financial obligations.

Our representatives will provide independent financial advice regarding the benefits of including a trust in your policy.

What is not covered by the policy

All insurance policies have limitations, exclusions and terms that are applicable. In general, we don’t cover the following situations:

• Life Cover – We don’t cover any deaths that happen because of a pre-existing medical condition that you failed to reveal to us or if you commit suicide within the first year of the policy.
• Accidental Death Cover – We don’t cover death caused by any mental or physical illness.
• Interim Cover – We only make one payment under either Interim or Accidental Death benefit, and the cover automatically ends at this point.
• Joint Cover – We don’t pay multiple premiums, but only make a single payment upon the death of one person, and the cover automatically ends.

All policies have no cash value at any point. Contact us for more information on unusual limitations and significant exclusions.