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Insurance : Life
This guide is supplied for general information only. You should seek specific advice for your individual circumstances before acting on any suggestions made.
What is Life Assurance?
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Most of us have heard of Life Assurance and appreciate that it is a policy provided by a Life Assurance company, that pays out either a lump sum or a series of payments if or when you die. These payments are normally paid without the deduction of any personal tax, and in most instances are actually tax-free.
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The proceeds of a Life Assurance policy can be used:
- To pay off a debt such as a mortgage.
- To provide an income for your dependents.
- You pay monthly premiums or an annual sum to the Life Assurance company for either a given time span or in the case of Whole of Life Assurance normally through to until death (some Whole of Life policies have a maximum age limit on premiums)
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Life Assurance policies can be combined with other forms of insurance.
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