If you were to die, what effect would it have on your family? This is the first question we ask when discussing life assurance. This determines how your life cover will be structured, leaving one less thing to worry about for your loved ones.
Many people use life assurance to protect the value of their mortgage and this provides fantastic security. To keep costs low the level of cover reduces, as the mortgage is paid off: called a ‘decreasing term’. Yet, this may not be enough.
In a single income household, is there enough cash or assets to provide an income should the worst happen to the breadwinner? In a case like this, ongoing tax-efficient cover, such as family income benefit, comes into its own.