Life Protection Options

There are several ways in which to protect yourself and your family from the financial impact of an untimely death.

Most people take out life assurance to provide for their families and alleviate any financial worries at a difficult time. 

Level Term Assurance pays a lump sum in the event of death during the term of the policy. 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 ends. Any death claim is paid tax-free and premiums are usually monthly, and fixed throughout the term. Because the term and benefit are known from the outset, and there is no investment content, term assurance can be a cost-effective method of protection. 

Decreasing Term Assurance works similarly 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 loans where the amount of capital outstanding also decreases over time. Because the benefit reduces over time, the premiums are usually lower than for Level Term Assurance. 

Family Income Benefit works the same as term assurance but instead of paying a lump sum upon death it will usually pay a regular monthly/annual tax-free income to your dependants up until the end of the term of the policy. 

Critical Illness Insurance is usually available as an addition to all term assurance plans but can be bought on a standalone basis. Critical illness cover provides a lump sum benefit / income in the event of diagnosis of certain critical illnesses or medical conditions, such as heart attack, stroke, transplant, blindness, total & permanent disability and so on. The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.

What our clients say about us

“I have been very pleased with the level of knowledge and experience of Berry Wealth Management. They take the time to really get to know their clients, which gives me every confidence that my financial goals are understood. They regularly provide updates, and have always been available to answer any questions or to explain options within my portfolio. Transitioning into retirement has been much more comfortable thanks to their help and guidance.”

~ David Leaney

 

“We have been advised by Colin for the past nine years. During this time, we have been extremely pleased with the indepth advice. The frequent reviews have helped us make some excellent, well-informed financial decisions. Colin has always attached an excellent element of professional tax-efficient advice coupled with caution that has comforted us in many ways. We wish that we had met Colin earlier, as we would have enjoyed more longevity of first-class financial planning advice.”

~ Keith & Joanne Hobbs

 

“Colin has been our financial adviser for nearly two decades, he has always offered a consultative approach to financial advice, and this has most definitely enabled Elizabeth and I to retire earlier. Colin also has a good selection of contacts for other areas where advice might be required, and having a trusted source for such recommendations has been invaluable. I do not like the larger companies’ impersonal approach and feel we are valued customers of Berry Wealth Management.”

~ David & Elizabeth Donnelly