MCS Life Insurance 

 

Explained

 

Important things you should know

 

We guarantee to beat any Life Insurance quote and if you take cover through us we'll ssend you a free M&S voucher worth £20

 

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  What type of policy should I be considering? 

  There are two major policy types for life insurance

1. Term Insurance: learn more  

2. Family income assurance: learn more

 

  How should my policy be structured?

 

 

 

 

 There are three main structures for you to consider

1. Own life: learn more

2. Life of anotherlearn more

3. Life policy accompanied by a Trust: learn more

 

  Which premium type is right for me?

 

 

 

 There are two premium types

1. Guaranteed: learn more 

2. Reviewable: learn more

 

 

Life Cover Summary and Information Charts

 

  Policy Type - Term Assurance   Things You Should Know!

 Policy can be indexed linked to the Retail Price Index 

 

 Decreasing term insurance cover reduces each year, but the premium you pay remains the same.

 If you want to leave a cash sum for your family, or cover any financial responsibilities such as a mortgage after you have died, term insurance could be right for you.

  

 You can cancel your policy at any time, but you won't get anything back.

 Term insurance can be one of the most affordable types of life insurance and can provide high benefit amounts

 

 

 Not to be used as a savings account, there is no investment element with this form of life insurance.

 Term insurance can provide cover for a fixed period, or term, which can be five, ten, twenty years, or longer

 

 

 RPI (Retail Price Index), or on a level term basis, or if connected to a mortgage on a decreasing term basis
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Policy Type - Family Income Things You Should Know!

 Benefits are paid monthly until end of policy term.

 

 The benefits will reduce over the term of the policy.

 Policy premium may be cheaper than a standard term insurance.

 

 Only suitable for an income rather than a lump sum.
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Policy Structure - Own Life Things You Should Know!

 Insure your own life with no named beneficiaries

 

 Advisable to make a Will

 Money is normally paid into your estate on death

 

 Beneficiaries may be liable for inheritance tax

 Money is distributed according to the instructions in your Will

 

 May be subject to probate delays
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Policy Structure - Life of Another Things You Should Know!

 You can have up to two beneficiaries

 

 Beneficiaries must have an insurable interest, for example, a relative or business partner.

 Avoidance of probate delays

 

 May not be suitable for multiple beneficiaries

 Good for inheritance tax planning  and immediate pay out of benefits of sum assured.

 

 May not be suitable for beneficiaries who are minors
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Policy Structure - Life Policy Accompanied with Trust Things You Should Know!
 Suitable for inheritance tax planning, avoidance of probate delays and may reduce inheritance tax liability.

 Advisable to make a will

 

 

 Suitable for named beneficiaries  Trustees can be removed or amended at anytime during the life of the policy.

 Ability to nominate a trustee to distribute money according to your wishes, as stated in your will, giving you peace of mind

 

 Inheritance tax planning only applies during the term of the policy. A different type of policy is required if money is required to be paid on death at any time.
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Guaranteed Premium Things You Should Know!

 This ensures the policy premium stays the same

 

 There is no cash in value at anytime
 Sum assured remains the same throughout the term  Policy may include automatic increases, without evidence of health, in sum assured for marriages or births.

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Renewable Premium Things You Should Know!
  Insurance companies will normally review your policy every five years  Premium costs are not fixed and can increase

  Reviewable premiums can start slightly cheaper than a guaranteed premium.

 

 

 Insurance companies usually take into account their claims history when reviewing your policy 

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