What is life insurance?
Life insurance is one of the most cost-effective and popular forms of financial protection in the UK, and it’s easy to see why.
It pays out a lump sum upon death, which provides your family and dependents with priceless protection when you’re no longer around. The money could cover expenses such as mortgage payments, household bills, education costs, and lifestyle needs.
At APRIL UK we provide an invaluable life insurance service. Our quote comparison service looks at products and premiums from a panel of leading insurers, to help you get the product you need at a price you’ll like.
Why do I need life insurance?
Although it’s not something that we like to think about, the death of any parent, particularly the breadwinner of the family, could have devastating financial effects on those you leave behind.
Just think how your loved ones would cope if you were no longer there. Could they continue to pay the mortgage and everyday bills? What would their lives be like without your financial support?
How does life insurance work?
Put simply, a life insurance plan pays out a lump sum upon death or diagnosis of a terminal illness (where you have less than 12 months to live). Your loved ones will be free to use the cash lump sum in any way they see fit, from paying off an outstanding mortgage to using it to support themselves in future years.
Our comparison service
At APRIL UK, we don’t just offer you one life insurance plan. Instead, we search a panel of leading insurers on your behalf, to find you the most competitive premium. To give you added peace of mind, our panel contains some of the biggest names in life insurance, including the following:
Life insurance and critical illness cover
What is relevant life insurance?
Relevant life insurance is a tax efficient way for a limited company to arrange life insurance for their employees, with the benefits being paid out to the employee’s family or financial dependants.
Premiums for relevant life insurance are usually viewed as an allowable business expense by HMRC. This means that the employer and employee can benefit from some generous tax-breaks including FULL Income Tax relief, National Insurance relief and Corporation Tax relief.
Save up to 49% on life insurance
The result is that your premiums could be reduced by up to 49% compared to a typical life policy for higher rate taxpayers. That could represent savings of hundreds of pounds, maybe thousands every year for you.
A great choice for company directors
Increasingly, more and more company directors are seeing this as a great way to buy life insurance to protect their own family – since they will benefit from both the tax savings available to the company and those for the employee.
Perhaps you want to take this opportunity to increase or review your life insurance or look at adding critical illness cover which might have been unaffordable in the past. Either way, it’s a great way to save money and provide something extremely valuable for your family.
What is income protection?
Income Protection helps you pay your bills when you can’t work.
No one knows what lies ahead, but we do know that accident or sickness can strike at any time. When it does, it could leave you unable to work, hitting your pocket hard.
With an income protection plan, you’ll have the peace of mind that if you are unable to work due to accident or sickness, you will receive a monthly cash lump sum. This valuable benefit can help pay for your everyday needs – from keeping a roof over your head and food on the table, to ensuring your household bills are covered.
It’s common sense protection to see you through the hard times.
Why do I need income protection?
When it comes to buying insurance to protect against life’s unfortunate events, most people will automatically think life insurance. And whilst life insurance has an important role to play in anyone’s protection planning, you are more likely to become unable to work due to accident or sickness before the age of 65, then die.
As such, income protection can be an equally powerful form of protection. It enables you to continue paying your bills, ensuring you don’t fall behind with your mortgage or rent. You can also use the money to maintain your lifestyle and pay for all the things you currently do.
Similar to our life insurance service, at APRIL UK we search from a panel of leading income protection providers to find you a great deal. Whether you require a ‘short-term’ plan that pays out for 1 or 2 years, or something that protects you all the way up to retirement age, we can find an income protection solution that’s right for you.
What is critical illness cover?
Critical illness cover is lump sum protection against serious illness
Critical illness cover is a form of financial protection that pays you a lump sum when you’re diagnosed with a life-threatening illness such as some forms of cancer, heart attack, stroke, major organ transplant, kidney failure and many more. Depending on the insurer there are usually around 41 conditions covered.
Critical illness cover is available as a standalone policy, although it is also available alongside life insurance.
Why do I need critical illness cover?
Just like life insurance, critical illness cover also has an important part to play in any individual’s protection planning. Some people believe it should be given even greater priority, as you’re more likely to suffer a “critical illness” than die before you reach the age of 65. In other words, you are much more likely to claim on a critical illness plan than a life insurance plan.
How does critical illness cover work?
Once you’re diagnosed with an eligible critical illness, the plan pays you a cash lump sum. This sum can be vital in helping you during the recovery phase. Chances are that you won’t be able to work - either indefinitely or for a significant period of time - so the lump sum could be used to compensate this, as well as giving you enormous peace of mind.
If you do suffer a critical illness, then perhaps you’ll need to make important lifestyle changes as a result. Again, the lump sum paid out from a critical illness plan can support you and your family if you need to make such a decision.