Life assurance is generally put in place to cover one of the following:
- To cover a loan in the event of the death of the person borrowing the money
- To cover the loss of income to a family following the death of an individual
- To cover a potential liability for Inheritance Tax
Critical Illness Cover
This is not offered as a standard part of a life insurance policy. This type of cover pays on a doctor’s diagnosis of a critical illness during the course of the life policy. Look for Life can offer critical illness quotes in addition to the life insurance quote.
Mortgage Protection Assurance
This is life cover where the lump sum reduces in line with the outstanding mortgage balance over time. While not directly linked to the outstanding balance this cover is usually provided alongside a Repayment or Capital & Interest mortgage.
4 times your salary is a good starting point to protect against loss of income. You should also take into account the total cost of any liabilities (such as loans, credit cards). You may also need to take into consideration the cost of care for your dependants (such as child care).
You should ensure the total amount you owe on your mortgage is covered.
Until your dependants are old enough to financially support themselves, or until your savings can adequately provide for you and your partner.
The number of years outstanding on your mortgage term.
Have you smoked or used tobacco products in the last 12 months?
Tobacco products include cigarettes, cigars, pipes or nicotine replacements.
WSW Financial Services Ltd
WSW are a chartered firm of financial advisors who specialise in providing retirement and investment advice.
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