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Information on
plans available. |
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WHOLE OF LIFE COVER
Or whole life assurance.
This is the only type of insurance really worthy of the name
assurance as it is the only insurance that assures the policy
owner that it will pay out! |
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This is because it runs for
the whole of your life and pays out on death. So as long as the
premiums are maintained then the cover continues indefinitely.
As such this plan will run into old age and therefore coupled
with the fact that there is a certainty of payment gives rise to
higher premiums than term insurance where payment is only made
if death occurs within a certain timescale.
You can pay for Whole of life policies by either regular or lump
sum single premiums. They may be non-profit, in which case only
the guaranteed sum will be paid on death, or with profit where
the amount payable is the sum assured plus any profits that have
been allocated to the policy by the life company up to the date
of death. You can also have unit linked plans and these will pay
the sum assured plus any additional value from the investment
performance of the units.
With all whole of life policies there are two elements, the cost
of the life insurance cover, which is higher in the early years,
and the investment element which may be low in the early years
but then builds up. This is taken into account but it does mean
that once the fund reaches a sufficient level premiums can be
funded, this is known as self funding. It has been know for
Whole of Life Plans taken early enough are able to become self
funding by retirement which means the policy holder can continue
enjoying the benefits of cover without the expense.
These policies will also have additional options such as
critical illness, permanent disability and permanent health
cover however these will be treated as extra cost options, but
it does make the plans very flexible.
Whole of Life policies can be very useful in providing a funds
to meet Inheritance Tax Bills. The premiums will normally be
covered by the annual exemptions, and by writing the policy in
trust for the beneficiaries, the proceeds should fall outside
the taxable estate.
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Remember we are only a phone call
away
0845 539 04 04 |
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Invest & Protect
45 Market Street
Wirral
Cheshire
CH47 2BQ
Tel
0800 083 6050
Fax
0151 632 2117
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Here at Life cover quotes we deal
with all the major insurers for a full list see the box
below. |
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Insurance Company list
Bright Grey
Legal & General
Scottish Provident
Norwich Union
Liverpool Victoria
Standard Life
Scottish Widows
Friends Provident
Synergy
BUPA
Clerical Medical
Eagle Star
Zurich Life
Axa
Skandia
Sun Life
Scottish Life
and many more! |
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Did you no know non smokers rates
can be 50% cheaper than smokers rates. It pays not to
smoke. |
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