Life insurance options
Have you considered what will happen to your family when you’re no longer here? Whilst it’s not a situation any of us would like to think about, planning for the unavoidable or even the unexpected means your family are protected in the event of your illness or death. We can help you ensure you have the right plans or policies in place for multiple risk scenarios, so that you have peace of mind that financial needs will be taken care of.
At McMillan Wealth Consultants, we can advise you on the following insurance products:
Life cover products pay out a sum of tax-free money to your chosen beneficiaries as a lump sum or a regular payment if you die or have a terminal illness, helping to clear any outstanding debt that is left behind in the event of your death, such as a mortgage, or to provide your family with money to live off. This helps provide a source of funds that can be used to support their lifestyle.
Critical illness cover
Critical illness protects you in the event of becoming seriously unwell, usually by paying out a tax-free lump sum. This can provide peace of mind when facing medical or unexpected bills, as well as helping to support you or your family due to a lack of income.
Income protection insurance
Income protection covers you in the event that you cannot work due to a serious illness, such as an injury at work or when playing a sport. Some income protection products pay out a lump sum at retirement, whilst others may be able to provide income on a short-term basis.
Relevant life plan
Similar to life cover, a relevant life plan will pay out a lump sum on money in the event of your death or if you are diagnosed with a terminal illness. This is normally taken out by or for directors or employees of businesses; the premiums are normally be paid out by the business itself, however the lump sum payout would pay to any family members or beneficiaries of the plan holder.
Whole of life insurance (WOL)
Whole of life insurance is an insurance product which can be used to provide a lump sum to family members or other beneficiaries in the event of your death. Unlike life cover policies which have a set term for the insurance to be paid within, WOL is a product that will always pay out on death subject to terms and conditions. This can be used by families to cover funeral plans or pay for any Inheritance Tax that may be calculated at the event of your death.
To find out more about insurance products or speak to an adviser about ensuring you have the right plans in place, please contact us.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.