What is Life Insurance?
Life Insurance is a very common type of protection that everyone should have when taking a mortgage out for a new or existing property.
One of our providers, Scottish Widows, explain what Life Insurance is in more detail.
Life insurance provides a sum of money on Death and is passed to your next of kin unless you specifically want the money to go to someone else through a Trust.
What is a Trust?
A trust is a simple legal agreement that allows you (the settlor) to gift your life insurance policy to someone else (the beneficiary). It's a great way to ensure that your life insurance is not considered to be a part of your estate when you die, so your beneficiaries won't face the burden of inheritance tax on your life policy. For joint life policies, both of you must agree to place your policy in trust.
For a protection review to ensure you have the correct cover in place to suit your needs and to ensure your policies are up to date, contact us today.
Tony McCormick Trading as The Mortgage Company (NI) is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of First Complete Services Ltd which is authorised and regulated by the Financial Conduct Authority.
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