Life Cover

As a fundamental part of any risk management program, Life cover is essential to protect loans and income, for the benefit of the family unit in the eventuality of death. The following are the four main factors that need to be considered when effecting life cover.

The level of cover: The amount of cover put in place must be based on budgetary restrictions, but must also provide a sufficient level of benefit to provide enough income if a claim is made.

The premium: The monthly contribution to a protection plan is directly applicable to the health of the insured and how comprehensive the chosen benefit is. The level of cover required, the purpose of the cover and the budget applicable will largely dictate the suitable product.

The tax basis: Depending on the type of cover required and the employment status of the insured it is possible to set up policies under different tax laws. The options available may have an impact on the benefit available by changing the budget from net income to gross income.

The term of the contract: The term of a contract can be dictated by outstanding debts, age and health of the insured and cost. However some products are designed around pre-decided terms and can be used in a cost effective manner to loans and short term requirements.

Crannog Asset Management will advise on the type of policy that is best suited to your circumstances. If you would like to get further information on any of our life products please contact us by phone or e-mail.