Guarantee your loved ones a
lump sum payment after you
pass away with life assurance

Life assurance is a type of life insurance policy that continues indefinitely until you pass away, provided you keep up with all premium payments. Life assurance may also be known as a whole of life policy. 

If you pass away with a life assurance policy, your beneficiaries will receive a lump sum payment from the life assurance provider. The payment they will receive will depend on the policy you choose. This is different to term life insurance where the policyholder is only insured for a fixed term and if the policyholder passes away after the term ends, there is no payout. 

The premiums for life assurance are typically higher than fixed-term life insurance policies because the policy provider knows it will have to make a payout to beneficiaries at some point. 

The choice between a life assurance policy or a fixed-term life insurance policy is an entirely personal one which should account for your specific needs and preferences. However, life assurance is typically more suitable for over 50s even if you have pre-existing medical problems. On the other hand, term life insurance policies are usually better for new parents and families with a mortgage.

It can be beneficial to use a financial adviser to help you choose and apply for a life assurance policy. The financial adviser will start by getting to understand your needs. They will then search for the most suitable options across the whole market to find the best options. Advisers might even recommend a different type of policy if applicable.

Using a financial adviser will prevent you from choosing a policy that doesn’t fit your needs and preferences, giving you peace of mind that loved ones will be taken care of as you expect should you pass away. 

Our life assurance broker service is centred entirely on your needs so you get a policy that does what you want. Contact Taylor James now to guarantee a payout to your loved ones after you pass away.