What is life assurance?
If you've ever wondered how your family would cope if the main wage earner passed away then the answer is likely to be life assurance.
Life assurance pays out a sum of money when the person who is covered by the plan dies. In return for paying premiums, the insurance company will pay out the agreed amount – known as the 'sum assured' – if you die during the term of the policy.
Premiums are normally paid to the life insurance company on either a monthly or annual basis for a fixed period of time or in some cases, until death eventually occurs. The cost of these plans varies according to your personal circumstances such as age, previous medical history and the amount of cover you require.
Why should I get life assurance?
When you are planning for the future, life assurance can provide the reassurance of financial protection for you and your family. After all, it is only sensible to consider how best to provide for them financially should anything happen to you. The money provided is intended to pay off any outstanding debts and support your dependants financially by providing them with a further lump sum or a regular income if you die.
What’s the difference between life assurance and life insurance?
The correct name for this type of protection plan is life 'assurance' because death is at some point inevitable – so you are 'assured' that the plan will definitely pay out one day, as long as you have paid all the premiums and you die whilst the plan is in force.
Why choose Skandia for life assurance?
With flexible cover and comprehensive benefits, Skandia’s life assurance plans can give you peace of mind and financial protection. Rest safe in the knowledge that you and your family will be financially secure, whatever the future may hold for you.
Skandia provides award-winning solutions which include a number of benefits as standard.
Flexibility
Choose exactly the level of cover you want and adjust it as your circumstances change. You can also decide how long you want your cover to last, for example until your children are old enough to financially support themselves.
Customised to you
There’s no ‘one size fits all’ philosophy at Skandia. With us you can tailor your life assurance plans to suit your needs perfectly.
Award-winning solutions
As a 5-star rated Life and Pensions provider, we’ve built our reputation through strong financial performance and a focused approach to customer service. We’re proud to have won more Financial Adviser magazine 5-Star Service Awards than any other provider.
Skandia’s life assurance products
Skandia has two main life assurance products available through your financial adviser, which can be used to provide you with business as well as personal cover and for inheritance tax planning.
Skandia Protect
Skandia Protect is a flexible protection plan, which offers you life cover made up of an unlimited number of policies, so it can be tailored more accurately to your needs. The cover includes a number of extra benefits at no extra cost. You can also choose from different periods of cover – from a few years to throughout your life.
The Skandia Plan
The Skandia Plan is a unit-linked life assurance policy, which means part of your regular payment is invested in investment funds of your choice. The plan covers you for your whole life and it will provide the financial protection of a cash sum when you die.
You can read more about Skandia’s life assurance plans or speak to a financial adviser who will be able to discuss your options and recommend products to suit your needs.