Life Insurance – Neath, Swansea and Bridgend
There are several ways in which to protect yourself and your family in the event of an untimely death. Most people take out life insurance to provide for their families and alleviate any financial worries at a difficult time.
There are two different types of life insurance:
Level Term Assurance
This type pays guarantees the pay out of a lump sum whenever the policy holder dies, as long as the monthly premiums have been maintained. There is no investment element within a term assurance contract so at the end of the term there is no maturity value and life cover lapses. The benefit is paid tax-free and premiums are usually monthly, and fixed throughout the term. Level term assurance is a very cost-effective method of protection.
Decreasing Term Assurance
This type works similar to Level Term Assurance, but the benefit is set at outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage, or other loan where the amount of capital outstanding also decreases over time. Because the benefit reduces over time, the premiums are kept very low.
Here at First Financial Solutions we would take into consideration your personal circumstances and what you are looking to achieve with your insurance policy. We provide you with our professional personal advice on what policy would best suit your needs and find you the best policy, at the best cost.
Contact us to speak to one of our advisors today.