Life Insurance

If you have a mortgage and dependants who live with you, taking out life insurance should be the first thing you consider. This cover would ensure that, if you were to die during the term set-up at outset, your family could stay in the family home that you have worked so hard for in the first place. It could also provide an additional financial cushion at such a difficult time. 

Whole-of-Life insurance pays out a lump sum whenever you die and has no fixed term. It is often used in inheritance tax (IHT) planning, where it is taken out to cover future IHT liabilities. Where a life insurance policy is written “in trust”, the policy proceeds are IHT-free. The premiums you pay may also be exempt from IHT.