1/2/2024 0 Comments Life insuranceAt some time in the future they pass it on to some people from a group that the settlor has decided (the beneficiaries). Yes, by writing life insurance in trust this is one of the best ways to protect your family future in the event of your death. A trust is a legal arrangement which allows the owner of a life policy (the settlor) to give their policy to a trusted group of people (the trustees), who look after it. Please remember that neither of these plans are a savings or investment product and have no cash value unless a valid claim is made. There are other important factors that you need to be aware of when deciding on life insurance vs Over 50s Fixed Life Insurance, so please read all the information available, and contact Legal & General for more information. Full cover is payable after just one year. It's for people who want guaranteed acceptance with a simple application process and who don't want to answer medical or lifestyle questions. Over 50s Fixed Life Insurance is designed for UK residents aged 50 to 80 who want a fixed cash sum to give to their loved ones when they die. Some age restrictions apply, please read the Policy Summary PDF for full details. The cash sum paid out could be used by them to pay off a mortgage for example, or help with childcare costs and other everyday living expenses. Life insurance is there to offer financial protection to your loved ones. When assessing your life insurance application, we'll ask you questions about your medical history, occupation and lifestyle. Life insurance is designed to pay out a cash sum if you die during the length of your policy. Let’s take a look at some of the differences. If you’re looking at your options later in life, you may be torn between getting life insurance or Over 50s Fixed Life Insurance.
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