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What is Life Assurance?
Life insurance pays out a cash lump sum of money that is paid out on the death of an insured person in exchange for premiums paid. Cover is usually on a fixed or decreasing basis.
There are two main types of cover:
Limited Payment Return – You pay a regular premium but only for a set term, usually the age of retirement, after this there are no further payments but the policy will pay the fixed amount upon death.
Reviewable –Part of the premium is used to build up an investment fund. The amount you are required to pay wil be set on assumptions about what will happen in the future. These policies will need to be reviewed and also accrue a value and so can be cashed in.