Why Choose Life Cover?
Would your family be able to cope financially if you were to unexpectedly pass away? Despite 6 out of 10 UK adults saying that life cover would benefit them and their loved ones, only 35% have a policy in place. Life cover represents the cornerstone of any comprehensive protection planning strategy, and the Wealthmax team of experts is here to help.
How does Life Cover Work?
It offers a predetermined lump sum or monthly income that becomes payable in the event that you die or if a medical doctor believes you have less than 12 months to live. The money paid out from the policy not only helps those closest to you with their day to day living costs but also allows them to take care of your funeral expenses and any outstanding debts you might have.
What we Offer?
From protecting your family’s financial future to covering outstanding commitments, our life cover services are designed to provide security and lasting peace of mind.
Term Assurance
Term Assurance provides cover for a fixed period, such as ten years or up to a specific age. A payout is made if the insured person dies or is diagnosed with a terminal illness during this term. There are two main types of Term Assurance: Level Term Assurance: The benefit amount remains constant throughout the policy term. Decreasing Term Assurance: The benefit reduces over time, often aligned with a repayment mortgage. This type of cover offers straightforward protection tailored to your financial commitments.
Whole Life Cover
Whole of Life cover provides protection for the entirety of your lifetime, with a guaranteed payout upon death. Unlike Term Assurance—which only pays out if you die within a specified policy term—Whole of Life cover ensures a payout whenever you pass away, as long as your premiums have been maintained throughout.
Joint Life Cover
A policy like this covers a couple (either married or cohabitees), typically paying out on the first partners death. Available as either a term or whole of life policy, policies can also be arranged to pay on the second death, which makes them a useful tool for Inheritance Tax Planning.
An Over 50s Plan
Over 50’s Plans are suitable for people over the age of 50 who have pre-existing health conditions that may prevent them from obtaining other forms of life cover. This type of policy usually offers guaranteed acceptance for those aged 50-80 without medical underwriting and provides a fixed lump sum on death.
Which Life Cover Option Best Meets your Needs?
When discussing life insurance quotes with our experienced advisers at Wealthmax, you’ll receive tailored guidance to help answer the all important question: Which life insurance is right for me? As part of our advice process, we take the time to understand your individual needs and circumstances, considering the following:
Secure your financial future
Your financial obligations, such as debts, income replacement, and future expenses.
Balance cover and cost
The budget you're working with to determine what you can afford monthly.
Set your payout preference
You can choose to make a lump sum payment, ongoing payments, or a combination of both.
Plan for lifelong cover
Your permanent coverage and estate planning requirements.
Cover your mortgage needs
Whether you have a mortgage that will need to be paid off.
Plan by health and age
Your current state of health and age.
FAQs
Looking for a Life Cover?
Wealthmax is here to help. Our advisers are experienced in life cover solutions and can tailor protection to suit your needs. Contact us today to secure the right cover and safeguard your family’s future.