Life Assurance & Income Protection
All of us hope that we will never need life assurance, or a replacement income, but the security of knowing they are there should the unthinkable happen can provide peace of mind for our families, not to mention relieve some financial stress at an already difficult time.
There are many options available to protect you, your family and your lifestyle – at Atrium we can assist you in figuring out what might be best for you.
Also known as decreasing term assurance this type of policy is designed purely to provide security to a lender for a homeloan. The cover reduces at roughly the same rate as a capital & interest loan over the same term. This is the cheapest form of life cover available on the market.
In the event of your death during the term the remaining mortgage is repaid to the bank by your insurer and your principal private residence is secure for your dependants or your estate.
This type of life assurance is taken out for a specified term to provide a lump sum death benefit to your dependants or your estate. It provides some security for your family in the event of your untimely death.
The cover can be level for the term of the policy, it can have a conversion option which guarantees cover for a further term, or it can have an indexation option which increases the benefit over time to take account of inflation.
Your specific circumstances will dictate what options are best for you so there is huge value in seeking advice from Atrium when planning your family’s protection needs.
Pension Term Assurance
This is a lump sum death benefit payable to your dependants or your estate if you die before your selected retirement age.
This cover offers real value as premiums attract tax relief. Your employment status will dictate whether personal pension term assurance or executive pension term assurance is more appropriate for you.
Whole of Life
With no end date these policies pay a lump sum in the event of your death whenever it occurs. As a result this is expensive cover. The premium can be guaranteed over your life, or reviewable at intervals of usually 10 years at which time the premium will increase to cover the cost of the benefits for the next 10 years.
These policies are often used for estate planning to cover capital acquisition tax (CAT) liabilities on inheritance.
A lump sum benefit is paid on the diagnosis of a specified illness covered under the policy. You can recover your health without the added worry of paying the bills.
This benefit can be taken out as part of a life assurance policy or as a standalone policy.
Income protection benefit provides a replacement income in the event that you are unable to work for an extended period due to illness or injury.
The premiums attract tax relief so this benefit represents good value for your money.
Think for a moment of all the things your salary pays for – mortgage/rent, childcare, car, household bills, holidays, education, social life – your income is your biggest asset, it has to be protected.