Life Assurance

If the unexpected was to happen to you or your spouse, are you protected?

As Independent Life Assurance Advisers, BMC Financial Planning can guide you through all the options that are available, and help you to pick which product best suits your needs.  We will explain to you in simple, easy terms, the benefits and costs of the various products from across the range of life assurance companies.

What do the different life assurance products cover?

Mortgage Protection
This runs side by side with your mortgage, and decreases in value over time accordingly.  In the event of your death, the life insurance company will pay off the remainder owed on the mortgage.
Level Term
With level term, the value of cover stays the same for the term of the policy.  In the event of the death of a policy holder, the full amount that has been insured will be paid out.
Convertible Option
Most term life insurance policies finish when the specified term comes to an end.  By adding the convertible option to your policy, you will give yourself the benefit of choice as you grow older. This option allows you to extend the term of your Life Cover provided by your policy, without providing further medical evidence of good health. This can be a valuable option if your health deteriorates over the course of the policy.
Whole of Life
This is the most flexible way to arrange Life cover as there is no policy term.  The policy will continue until the death benefit is paid providing that you continue to pay the premiums.  Two guarantees in life, Death and Taxes!

  • Your Whole of Life Protection Cover is guaranteed to be paid to your next of kin on you death.  This is peace of mind to you as you know your loved ones are financially protected when you die.
  • You can use a Whole of Life Policy to arrange to pay any Inheritance Tax that may be due by your family on your death.  Your family may be liable for inheritance tax on your assets when you die.  This can be a massive burden, forcing them to borrow money or sell part of the inheritance you leave them to cover their tax bill.  Whole of Life Cover (Section 72 policy) removes this burden and protects loved ones from a large inheritance tax bill.  Whole of Life Cover is different to regular life cover in that it lasts for a lifetime and not a specific term.
  • Once you have your Whole of Life Policy set up we guarantee that there will never be an increase in the cost of you life policy.

For a further information on protecting your family and business, please contact Dave at BMC Financial Planning