Choosing the correct life insurance, also known as a life assurance policy is one of the most difficult and important decisions anybody can make throughout their life.
Passing away without being prepared could put your close family at financial risk. Things like your funeral or the family’s current mortgage and debts will still need to be paid upon your death. This could be extremely difficult for certain families where the loss of regular income from your own personal wages could mean the loss of the family home and a poorer quality of life for partners and children.
• Level Term Assurance
• Whole of Life Assurance
• Mortgage Protection
• Permanent Health Insurance
This is where life assurance comes in. At Haworths Financial Services in Accrington, we offer advice on all the differing policies on the market and will design a unique financial solution based on personal circumstances for you and your family should there be a bereavement; so that regardless of what was to happen in the near or distant future, the financial security of your most loved ones will never be in jeopardy.
How Life Assurance Works
There are different levels of life assurance that can be taken out and offer varied payout conditions depending on how much or how often you are willing to pay towards the cover or how long you want the protection to last.
We offer life assurance advice for policies such as ‘whole-of-life’ cover; a policy that will last for the rest of your life, meaning that irrespective of how soon or far away that may be, your family will be guaranteed to receive the benefits of the policy. The benefits of a whole-of-life policy could pay towards the funeral arrangements, the mortgage payments and any other outgoings that may be of difficulty; it is a plan for the future of your family which will keep them covered during their loss of income as well as for inheritance tax planning.
Another popular option we offer advice for is the ‘term’ insurance cover; term coverage is a conditional policy where your insurance lasts for a certain amount of time and will need to be renewed in order to protect yourself for longer. This option is popular for people looking to simply cover their mortgage payments so the stress of the bereavement is less of a burden on the family; as the policy can be set up so that when your mortgage payments end, the agreement ends and the payments stop.
We Explain the Fine Print
Things like age and health can play a part in how much you actually pay towards your policy, and could result in the insurance refusing to issue payments should the information you supply turn out to be inaccurate; so it is important to know where you stand with regards to life assurance.
Life assurance policies have optional clauses in the contracts such as critical illness cover. This additional cover provides security in the event that you become seriously ill. Serious illness often requires time off work and/or expensive medical treatment, so this payout could be very important.
At Haworths Financial Services, we think outside the box, we won’t just consider a life assurance plan for the present but will look towards the future and the possible changes in circumstances that could affect your insurance policy. We will weigh up the benefits and disadvantages for each policy and relate them to your specific needs; resulting in an all-round and personal life assurance plan for you. Read what our clients have to say about our services and advice by visiting our testimonials page.
Contact us to find out how life assurance can benefit you and your family. The number for the Accrington advice team is (01254) 232521, or why not visit our Lancashire office at:
Haworths Financial Services Limited
The Old Tannery