Many people ask me why they should bother with taking out any policies of life insurance in Braintree (also known as life assurance) or anywhere else in the UK as part of their estate planning.
I tell them in response that, at their most simple, life insurance policies can serve to aid your family and your loved with the financial burden that may attach itself to an individual’s death including any outstanding loans, bills or mortgages. In addition, it is also to be noted that life insurance policies may be utilised with a view to supporting your dependents including children or vulnerable adults after your passing.
Typically, policies of life insurance are taken out by people living in places like Braintree for fixed periods of time with a lump sum to be paid out at the time of your passing when the policy is still recognised as being active in practice. However, it is also to be appreciated that there are, in fact, a number of different kinds of plans that may be taken out with a view to then suiting a given person’s particular circumstances and financial aims which are recognised as including Whole of Life, Term Assurance and Endowment policies. With this in mind,
In brief, policies of Term Assurance typically provide cover for a set period of time with a lump sum to be paid out in the event of your passing during that period of time. As for Whole of Life policies, they are usually significantly more expensive since they cover you throughout the course of your entire life with a definite payout at the time of your passing. Finally, an Endowment policy involves regularly investing money into the policy for a set period of time until such time as the savings may then be made available to your dependents during or after this term.
However, if you are in any doubt then it is possible for a professional estate planner like Andrew Douglas Wills and Legal Services to help you to be able to identify the kind of plan that is most effective for your specific needs based upon whom it is meant to support, your particular income and your health at the time when the policy is taken out somewhere like Braintree. Nevertheless, there is also a need to note the fact that premiums are usually paid on a monthly basis to the plan provider irrespective of the kind of plan that is taken out.
Contact Andrew Douglas Wills and Legal Services today via www.andrewdouglaswills.co.uk to see how we could help you to get your affairs in order to protect both yours and your loved ones best interests in Braintree and throughout Essex.
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