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Life Insurance

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Life Insurance is designed to pay out a cash lump sum in the event of the policyholder passing away during the period of the policy. This can be put in place to provide additional family protection, for inheritance tax purposes or to protect a mortgage. The following are the different types of life insurance products available:

  • Level Term Assurance – provides a fixed lump sum payment which is tax free and payable on death during the term of the policy
  • Decreasing Term Assurance – provides a lump sum payment which is tax free and reduces each year at a flat rate. This is particularly useful if someone would like to protect their capital and interest mortgage which reduces each year

Critical Illness

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Critical illness protection is specifically designed to pay out a tax free cash lump sum in the event that the policyholder is diagnosed with a critical illness. The critical illness conditions covered vary from insurer to insurer so it is extremely important that the appropriate market research is conducted to ensure that the correct policy is recommended for your needs. There are many policies in the market which do not cover a wide range of critical illnesses. Critical illness cover in most cases is combined with life cover as well providing additional benefits. Typically it would cover conditions such as heart attack, stroke, and certain types of cancers.

Income Protection

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Income protection insurance pays out when you aren't able to work for example through ill health or becoming disabled. It pays out a tax free monthly income after you have been signed off from work for a designated period of time until your retirement date or the policy end date whichever is the sooner. The maximum amount of cover that you are able to take is approximately half your current income, and this is to incentivise you to go back to work should you recover.

Family Income Benefit

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Family Income Benefit is the lowest cost method of buying life insurance and provides a regular tax free monthly income for your dependents should you pass away, from the time of the claim until the end of the plan term. This type of policy is particularly useful for people who would like to know that there will be a regular monthly income coming into the household without their family having to worry about what to do with a lump sum payment that they would receive with a standard term assurance policy.

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Park Hill Financial Limited
Wohl Enterprise Hub, Redbourne Avenue
London, N3 2BS

Tel: 020 7078 8987
Fax: 020 3670 8987
Email: info@parkhillfinancial.co.uk