Life Assurance

Although insuring your life against premature death may not be a matter you wish to think about very often if ever, it may pay to take sensible precaution if the unthinkable should happen as it could relieve financial pressure on your loved ones at what could prove to be a very testing and traumatic time.

With so many companies providing different types of life assurance products on the market, knowing which one will suit your personal circumstances can be a daunting task. In addition the disparity in cost can be significant which is why it pays to take impartial, independent financial advice.

Factors such as your age, health, lifestyle, type of cover and term of plan are just some of the influencing factors that will govern your monthly payments.

At GEM Financial Services we can help you to make sense of the myriad of options available and make sure you choose the right cover in your personal circumstances.  

We are able to use our expertise to help you select a product tailored specifically to your needs from many of the UK's leading life assurance product providers, which should save you time, money and inconvenience.

In addition to Life Assurance we are also able to advise you on other areas of protection such as;

Critical Illness – This type of benefit can be used to provide you with a lump sum or replacement income normally to pay off all your debts and assist with any nursing care should you be diagnosed with a serious medical condition specified in your plan i.e. heart attack, stroke cancer etc. subject to the terms contained within your policy.

Under certain Critical Illness contracts the life assured would be required to survive (from the date of a claim) for a period of up to 28 days in order to claim this benefit. Each provider will stipulate this specific period in their policy conditions.  

Income Protection – This type of benefit will provide you with a regular income should you be unable to work due to illness or accident and is designed to provide part of your regular salary (up to 66%) when sick pay from your employer ceases. This benefit will provide an income until the policyholder is able to return to work (subject to the terms and conditions of the policy). 

Whilst many of us routinely insure our homes and cars it is staggering to learn that some people overlook insuring their income from which their whole lifestyle is funded. For example a 30 year old person earning £25,000 per annum who plans to retire at 65 years of age can expect to earn £875,000 during their working life excluding pay rises and inflation.

Losing this stream of income may have an adverse affect on their ability to live to the standard to which they have become accustomed and not being able to adequately provide for the retirement income they aspire.

By using a critical illness plan to pay off their debts and an income protection plan to replace some of their income they could make life a little easier from a financial point of view should life not go according to plan.   

For further information on Life Assurance or any other financial advice please contact us on the above number or email on: enquiries@gemfs.co.uk