Life Assurance

Most people take out life assurance to provide for their families and alleviate any financial worries during a difficult time.  There are several ways in which to protect yourself and your family in the event of an untimely death:

Level Term Assurance

Level Term Assurance pays a lump sum in the event of death during the term of the policy and cover can be arranged on a Single or Joint Life basis. There is no investment element within a term assurance contract, so at the end of the term there is no maturity value and the life cover ceases.  The lump sum benefit is paid tax free.  Premiums are usually paid monthly, and are fixed throughout the term. Due to the fact that the term and benefit are known from the outset, and also because there is no investment content, term assurance is a very cost-effective method of obtaining protection.

Decreasing Term Assurance

Decreasing Term Assurance works in a similar way to Level Term Assurance, but the lump sum benefit is set at the outset and then gradually decreases over the term of the policy.  These policies are typically used as cover for a repayment mortgage, or other loan where the amount of capital outstanding decreases over time. Due to the fact that the benefit gradually reduces over time, the premiums are lower than for Level Term Assurance.

Family Income Benefit

Family Income Benefit works in a similar way to term assurance.  However, instead of paying a lump sum upon death, it pays a regular monthly tax free income to your dependants for the remaining term of the policy. The cover can be arranged on a Single or Joint Life basis.

Critical Illness Cover can be added to the above protection policies. This can be arranged over a set term or on a Whole of Life basis.

HCR have a dedicated team of Independent Financial Advisers (IFA) who can ensure you are receiving the right financial advice and the highest standard of service.