Life Assurance
Life assurance is protection arranged to provide for your financial dependents in the event of your death.
There can be many reasons why life assurance is needed such as:
- To replace the income your family would need to maintain their lifestyle in the event of your death
- To discharge a mortgage or other debt
- To create a fund to provide for your children’s education
- To pay funeral expenses
- To pay Inheritance Tax
- To create a family emergency fund
It may also be important to place a policy in Trust to ensure that the benefits are paid to the correct person or that any potential Inheritance Tax is not paid on the proceeds. Would you be happy to pay for life assurance for your family and, on your death, Her Majesty’s Revenue & Customs (HMRC) or other tax authority take 40% of the proceeds?
Death of a loved one brings extreme upset and turmoil to family life. Should this unfortunate event happen to your family would you also want them to have financial worries?
If you are considering arranging life assurance please contact us to ensure that you arrange the most appropriate cover. Please note that trust advice is not regulated by the Financial Supervision Commission and you should take separate legal opinion.