If you earn an income, own a home, have a family, a business or an investment property, then protecting you and your family against the financial impact of ill-health, terminal illness or death is one of the most important decisions you can make.
You can’t predict what is going to happen from one day to the next but you can prepare for it. Having the facts to hand means you can make an informed decision on what life insurance you and your family need.
Having a life insurance plan is an effective way of providing peace of mind knowing that should the worst happen, your loved ones will have the financial security they need at such a difficult time.
There are many different forms of protection available, depending on your personal circumstances, financial situation and needs and objectives. At Rite Financial Solutions, we can guide you through all the options that are available, and help you find a product that best suits your needs. We will explain to you in simple terms, the benefits and costs of the various products provided by a range of life assurance companies.
Term Life Insurance is life insurance over an agreed term (length of time you choose to be covered for) which pays a cash lump sum if you die during the term of your plan.
Serious Illness Cover: pays a benefit on the diagnosis of one of a list of Serious Illnesses covered under the policy. Serious Illness can be taken out on its own, or it can be added to a Life policy.
This type of policy is generally only taken out in conjunction with a Capital &Interest Mortgage. It is initially taken out for a specified term and amount. The amount of cover decreases in line with your mortgage balance. This type of policy is the most basic and usually the cheapest type of cover you can get.
Whole of Life Cover is an insurance plan that lasts for a whole lifetime, and is not limited to a specific term. If you pass away this policy will provide a lump sum payment to your family.It can also provide tax-efficient inheritance planning cover for your family, so as not to impact their inheritance.
You will then pay a set amount on a regular basis, usually by direct debit. The policy will then pay out a lump sum to your family, should you die.
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