Related Topics
Request a Call Back
Introduction to Life Assurance
What is Life Assurance
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners.
It can provide the reassurance of financial protection for you, your family and your business associates.
A Life Assurance policy pays out a sum of money when the person who is covered by the plan dies. The money is intended to pay off any outstanding debts and support your dependants financially by providing them with a further lump sum or a regular income if you die.
Even if there are no dependants who may be financially affected by your death, some Life Assurance policies could go towards covering funeral costs.
The type of Life Assurance and the amount of cover will depend on an individual's particular circumstances and requirements. Factors to consider will include age, dependants, level of income and financial liabilities.
Premiums are normally paid to the insurance company either monthly or annually for a fixed period of time or in some cases, until death.
Types of Life Assurance
While the overall concept of Life Assurance is fairly easy to understand, there are some complexities.
Most importantly, there are different types of Life Assurance products, covering Term Assurance, Whole of Life, Endowment policies and others.
However, because of the many options and flexibility, Life Assurance can be a powerful instrument in your financial planning toolkit.
Please be aware that in some cases this type of assurance is based on an assessment of the health of the applicant.
THESE PLANS TYPICALLY HAVE NO CASH IN VALUE AT ANYTIME AND COVER WILL CEASE AT THE END OF THE TERM.
IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
Other Areas Of Expertise
Mortgages
Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs
... Read moreDebt Consolidation
Consolidate your debts into one manageable monthly sum with a debt consolidation mortgage. Debt consolidation mortgages allow you to reduce your monthly outgoings by consolidating all your
... Read moreProtection
It is quite natural for most people to want to make sure their families (and themselves) are going to be financially secure in the event of loss of income, illness or worse. But with the usual pulls
... Read more
Household Insurance
There are two types of household insurance - buildings and contents. They are separate entities and you can either search for two individual policies, or buy them as a joint policy
... Read more
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
GT Mortgages is an appointed representative of TenetLime Limited which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 311266.
GT Mortgages Ltd - Registered in Scotland No. SC298635 - Registered Office: 10 Bank Street, Falkirk, FK1 1NB
Newsletter Sign Up
Contact Details
GT Mortgages
10 Bank Street
Falkirk
Stirlingshire
FK1 1NB
Phone : 01324 622226