The four main types of life insurance...
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Provides a lump sum on death within your chosen term. Normally used to provide a lump sum legacy for your partner or dependents or to pay off a mortgage debt. |
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Will pay an income to your partner or dependents if you die within your chosen term. You could use this to provide an income for your children until they are 21 or to boost your spouses pension if you die. |
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Will provide you with a lump sum if you get seriously ill within your chosen term. You could use this cover to pay off your mortgage or to cover the costs associated with modifying your home for disabled use for example. |
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If you get seriously ill and are unable to do your job, then this cover will pay you an income for as long as you are unable to work, until you die, or until you reach your normal retirement age. The cover is permanent in the sense that it may pay out more than once during your chosen term. |
For example, Family Income Benefit (FIB) insurance will pay an income on death instead of the more usual lump sum. The cover is less expensive than the more common term assurance and can be targeted to replace lost income for a defined period, while the children grow up for example.
Footpath Financial Limited is a firm of Independent Financial Advisers who are authorised to advise on and arrange life insurance and related products. Based in Farnham and Crowthorne we serve the Guildford, Hindhead, Alton, Farnborough and Basingstoke areas. We are Authorised Representatives of the Financial Planning Partnership, who are authorised and regulated by the Financial Services Authority.