Why take out life assurance?
Guaranteeing a tax-free lump-sum for your family when you die, life assurance helps you take care of your loved ones even when you’re gone. At Wesleyan Financial Services, we can advise on the right cover for you – and help you put your plan in place.
- Secure your family’s financial future after your death
- Leave a legacy that can be used for any purpose
- Select cover from a range of first-class providers
- Combine with critical illness cover for the chance of two pay-outs
- Get expert advice from a Specialist Financial Adviser from Wesleyan Financial Services
Insure your life, so that they can live theirs
While it’s not nice to think about, it is important to consider what would happen to your family if you were suddenly no longer around.
By taking out life assurance, you’re guaranteeing your family a lump-sum pay-out when you die. It can make a difficult time that little bit easier and help to take care of the costs that soon stack up.
More than that though, it’s a chance to fund your children’s education or help them buy their first home. Things you’d love to have done in life.
And that’s one of the benefits of life assurance. The money can be used for any purpose. It could be a lifeline to help your family cope, or a springboard for their future.
We’ll find you the right cover
For what could be just a few pounds a week, life assurance can give you peace of mind that your family will be provided for when you’re gone.
But you need to make sure you get a policy that works for you - both in life and death.
That’s where our Specialist Financial Advisers come in. They can assess your situation and find the right protection for you from a range of providers.
You might want to discuss combining your cover with a critical illness policy too. It could help protect your family’s finances from the impact of illness or injury, not just when you die.
Your protection options
Want to explore your other protection options? Here’s a look at some of the products Wesleyan can help you with.
Speak to your Specialist Financial Adviser from Wesleyan Financial Services to find out what’s right for you:
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Life assurance
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Critical illness cover
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Mortgage protection
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Income protection
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When does it pay out?
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When you die
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Upon diagnosis of a pre-defined critical illness
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When you die
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When you’ve been off work for a period of time through illness or injury
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Lump-sum payout?
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Yes
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Yes
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Yes
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No - monthly payments
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Payout can be used for any purpose?
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Yes
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Yes
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No, can only be used to pay off mortgage
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Yes
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Length of cover
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Whole of life
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Duration of chosen term
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Duration of mortgage
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Duration of chosen term
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To see how likely you are to suffer from an illness or injury before retirement, why not try our health risk calculator?
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Frequently asked questions
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What’s the difference between life assurance and life insurance?
Both types of policy pay out a lump-sum death benefit, but there is a slight difference in how they work.
Life insurance typically works on a fixed-term basis. That means your life cover only lasts for the duration of the term.
For example, with mortgage life insurance (or mortgage protection), the policy lasts for as long as you have a mortgage. Once the mortgage is fully paid off, no death benefit would be paid.
Life assurance, on the other hand, usually covers you for the whole of your life. That’s why it’s sometimes called ‘whole of life’ cover. It means that sooner or later, the policy will always pay out.
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Is life assurance right for me?
If you’re looking for the security of a guaranteed pay-out when you die, then life assurance may be right for you. Other protection products are available though, and may be more suitable.
Our Specialist Financial Advisers will be able to advise you, based on your circumstances.
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How much does life assurance cost?
The cost of your premiums will depend on a wide range of factors. These include your age, health, lifestyle and the level of the cover you need.
Premiums for life assurance are often higher than for other types of life insurance. That’s because other policies don’t guarantee a lump sum when you die.
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Who receives the payout?
When you take out the policy, you’ll nominate the ‘beneficiary’. That’s the person who will receive the payout when you die.
You can nominate multiple beneficiaries, and it doesn’t have to be family members. Your Specialist Financial Adviser will be happy to discuss the options with you.
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Is the life assurance pay-out tax free?
A death benefit payment from a life assurance policy is usually not classed as taxable income. So, there’s no income tax or capital gains tax for the beneficiary to pay.
Please note this is based on current understanding of legislation and tax treatment, which can change in the future.
Important information
Wesleyan Financial Services is a broker and insurance products are provided by a number of selected insurers.
Limits, exclusions and charges do apply. Full terms and conditions of the policy and cover, including the policy benefits and exclusions, will be contained in the Policy Wording and Policy Summary.
Risk must be acceptable to underwriters at normal term.