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FINANCE SERVICES MENU
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Simply an arrangement,
i.e. an insurance policy, that pays out a benefit, usually a cash
lump sum but sometimes a regular income, on the death of the person
whose life is covered.
The benefit will sometimes be paid to the person who took out the
policy - it's common for a policy to be taken out for a spouse or
partner. Otherwise, on occasions a policy will be "held in Trust",
for example for the benefit of children or grandchildren, so that
the benefit will be paid direct into the Trust - this is common where
a policy has been taken out to cover a possible Inheritance Tax liability.
Sometimes a company will take out life assurance cover on the life
of a key employee. If no formal arrangements have been made, and if
the person has taken out a policy on their own life, the proceeds
will just be paid into the Estate.
Life assurance cover is paid for through premiums, usually paid monthly.
The level of premiums will depend upon the amount and term of cover,
the type of policy and the state of health of the person covered (smokers
attract higher premiums!)
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