One of the only ways that we can perhaps ease the strain for our loved ones that we leave behind, is to remove their financial burdens by careful financial planning. Life insurance policies are designed to do just this, because they pay out a single lump sum or regular amounts if the insured dies within the policy term. If desired, the proceeds can be assigned to a beneficiary (eg. your spouse or children) or to a creditor (eg. the mortgage company).  

Life policies can be broadly divided into two types, namely term assurance and whole of life (WOL). 
Term assurance policies will pay out if the insured dies within a fixed term, such as the 25 year term of a mortgage, or the duration of a holiday.
Whole of life policies have no fixed term, and premiums must be paid continuously until the insured passes away in order to benefit.

Many life insurance contracts have optional features such as critical illness cover. This type of cover pays out a lump sum if the insured dies within the term or if they are diagnosed with one of a list of serious illnesses within that same term. Sometimes it is cheaper for a given individual to combine these two policies, for others it may be better to have two separate contracts. Your adviser recommended by ifasw.co.uk will happily investigate the options available to you. Premiums are typically paid monthly (but can be paid annually in advance if you prefer) and must continue to be paid for the life of the policy term. The cost varies depending on how long you want the policy to be in force and it also takes into account your personal circumstances - such as your age, sex and medical history.

If you would like to discuss life insurance under no obligation, then remember ifasw.co.uk. We will put you in touch with an adviser who is experienced in arranging life insurance for client's and their families. As an independent adviser, they will have access to every product in the marketplace and will investigate every provider's policies in order to find the most appropriate one for you. They will only make their recommendations having made an exhaustive search. For advice on life assurance, remember ifasw.co.uk - Just ask us by clicking here!