PENSION TERM ASSURANCE

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What Is Pension Term Assurance?

Pension Term Assurance is a type of life assurance policy. Similar to Term Life Insurance, this type of assurance policy pays out a lump financial sum if death occurs during a fixed term. Due to its tax benefits, this form of cover is very popular.

This scheme is available to people in non-pensionable employment. For example, a self-employed person is an ideal candidate for this type of life cover. Non-members of employer pensions are also eligible. However, there are special policies for company directors and Executive Pension Plan members to access. This is known as Executive Pension Term Assurance. In both cases, cover lasts until you retire from work.

Life Assurance Cover

When you reach retirement age, there is the option to convert your policy. In simple terms, this means the cover changes into a standard Life Assurance policy. If you choose to do this, you can keep the same financial sums insured. Moreover, you do not have to provide health records or medical evidence, resulting in little hassle. And like regular Term Assurance, premiums remain fixed for the policy’s term.

But the most attractive feature is the benefit of tax relief of your marginal tax rate. Therefore, you could reduce your premiums by up to 40% compared to a standard Term policy.

Life Assurance Brokers

Find out more today about how you can benefit from a Pension Term Assurance plan. As leading Mortgage & Life Insurance brokers, our team of experts is ready to guide you through your personal application and offer the help you need.

Please feel free to have a chat with us and receive professional advice with one of our advisors. You can fill out the online form below, however if you would rather speak to someone on the phone instead to discuss your options, you can request a callback at a time that suits you best.

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WARNING

IF YOU DO NOT KEEP UP YOUR REPAYMENTS, YOU MAY LOSE YOUR HOME

THE COST OF YOUR MONTHLY PAYMENTS MAY INCREASE

THE VALUE OF YOUR INVESTMENT MAY GO DOWN AS WELL AS UP

THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS YOU PAY MORE THAN IF YOU PAID OVER A SHORTER TERM

YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY

THE ENTIRE AMOUNT THAT YOU HAVE BORROWED WILL STILL BE OUTSTANDING AT THE END OF THE INTEREST-ONLY PERIOD

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