life insurance

The vast majority of people have insufficient life insurance cover. Imagine that you (or your partner) were to die. How would the survivor cope with the loss of earnings? B. Portwood & Co Ltd can offer (through a firm of specialist financial advisors) competitive quotations on all forms of life insurance The comments below are intended as a guide only.

life insurance - Click here to apply for a quotation

Level Term 

Provides life insurance for a fixed period. If the life assured dies in the period then the amount is paid out otherwise the insurance policy ceases. This is a very cheap way of obtaining life insurance.

Decreasing Term

Provides life insurance for a fixed period. Initially the sum insured is high but the amount covered drops (usually to 0) during the period of the policy. The rate of drop can either be a fixed amount per year or it can vary in line with the outstanding amount of a repayment mortgage. This latter is commonly known as 'Mortgage Protection'. Again if the person lives for the whole period then nothing is paid out.

Convertible Term 

This policy starts of as a normal term isnurance but the policyholder has the option at certain times of changing the type of policy - without any further health declaration.

'Whole'

A whole of life policy runs until the assured dies then pays out the sum insured. As there is bound to be a payment this is more expensive than a term insurance. As it is likely that the insured will be less able to pay the premium when retired there is often the option of specifying when premium payments cease. There are two basic forms : either with profits or without profits.

With Profits

A policy taken out 'with profits' means that the sum assured increases by bonuses declared by the company based on its investment policy. Once declared these bonuses cannot be removed.

Without profits

A policy taken out 'without profits' has a sum insured which is unaffected by the insurance company's investment returns.

Joint Names

Policies can be effected on more than one person. E.G. a combined policy may be taken out by a husband and wife to pay out either on the first death or the second death.

Inter-Vivos

Under current legislation if someone is given a gift by another person who dies within 7 years the gift is liable for taxation. The longer the person lives the lower the rate. This liability for taxation is insurable so the person receiving the gift can take out life insurance against the death of the person giving the gift for the taxation element.

For further information about life insurance and to obtain a life insurance quotation (You can select the appropriate form of cover required) - Click Here

Links to lists of our other main policies

B Portwood & Company Insurance Home Page - an overview of the site and types of policy on offer.
Financial and medical insurance - accident and sickness insurance, private medical health insurance, life, critical illness, mortgages