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Insurance that pays a tax-free lump sum when you die. The product protects you for the whole of your life and is guaranteed to pay out the benefit amount. This differs from Term Life Insurance, which would only pay out for a set number of years.
If you have a family or a loved one who is dependent on you financially, you may want to think about Whole of Life Insurance. The payout from these policies can be used in any way. See some of the most common.
If you leave an inheritance to your family, they may be required to pay tax Inheritance Tax (IHT). This is currently set at 40% of the value of your assets over £325,000. Gov.uk – How Inheritance Tax works: thresholds, rules and allowances Whole of Life Insurance can be used to cover this IHT bill, paying out a benefit to match the amount of tax that your family would have to pay. It’s important to make sure the policy is written under trust otherwise the payout from the policy can form part of the taxable amount. Writing the policy into trust will ensure the payout is protected from inheritance tax and goes directly to your family. We can help arrange this as part of the application. Please note that we are not tax advisors – our advice is limited to the most suitable policy to meet your need for cover. We recommend that you seek professional advice from a qualified advisor on the matters of inheritance tax and probate.
A Whole of Life Insurance policy is a simple and effective way to provide a gift to your loved ones on death.
The money paid out from a Whole of Life Insurance policy can help financially support your family. However, your family’s need for financial support will likely reduce over time, as debts like the mortgage get paid off and children move out and become financially independent you may therefore find that a Term Life Insurance policy could be better suited to your needs and more cost effective.
It will depend on a few things:
It is inevitable that we will all die at some point, which means Whole of Life Insurance is guaranteed to pay out. Term Life Insurance may be a better option for you if affordability is a key concern. You will need to continue paying your premiums for the rest of your life to ensure your family receives the insurance benefit payout. Consideration should therefore be given to what you will reasonably be able to afford in later life and retirement. One of our expert advisors can help you with the most suitable product, please contact us.
No, the Whole of Life Policies we advise on do not have any cash value.
If you stop paying your premium the policy will be cancelled and you will not receive any benefit.
Term insurance offers a number of different policy options and can be used for various purposes. You might have a policy to pay off a mortgage if you die, to provide a family income and/or to leave a lump sum. Term Insurance is often cheaper and you can stop paying it once you no longer need Life Insurance. Whole of Life Insurance is more expensive but will last longer. One of our expert independent advisors will explain which is the best option for you.
Simple, affordable protection providing financial support for those affected by everyday accidents, illnesses and hospital stays.
It may be, if:
You’re at increased risk of work-related accidents or illnesses (e.g. you do manual work) and something like a broken bone would impact your ability to work and earn.You’re self-employed and therefore don’t get sick pay.You’re highly dependent on a monthly income – typically people aged 18 to 59 with less than £2,000 in savings.It’s not underwritten, so if you can’t get Life, Critical Illness or Income Protection Insurance due to a pre-existing condition, it could provide you with an element of cover. Please note, it’s not a like for like replacement for any of these policies.
There are multiple benefit levels and premiums available. We will advise you on the options available to ensure you have the best cover to suit you and your budget, please contact us to find out more.
…and what does it cover?Broken bones, hospitalisation and accidental death are just a few examples. Get in touch with one of our expert independent advisors for more information.
Family Income Benefit is designed to provide monthly payments to your family if you die or become terminally ill. Payments are tax-free and usually made monthly. People often take out this type of life insurance alongside their standard Level or Decreasing Term Insurance policy.
It’s generally cheaper than standard Life Insurance. Rather than providing a lump sum, Family Income Benefit is paid monthly and designed to cover bills and recurring expenses.
…and how much does it cost?Your age, health, smoker status and occupation will all affect your premium along with the amount of monthly cover you would like and the term of the policy. We can design a policy to suit both your needs and budget. Give us a call to find out more.
Also known as Private Medical Insurance, it allows you to get expert advice quickly, avoiding lengthy waits for consultations, tests and treatment. The products can seem complicated, but we’ll explain how everything works and provide bespoke advice tailored to your circumstances and budget.
For more info, visit psghealth.uk
Today’s insurance policies offer so much more than just a claim payout for the insured event
As well as inclusive benefits, there are optional extras too. See examples
Insurers also offer options for enhancing your cover for an additional amount.
A valuable benefit particularly for those that are manual workers, self-employed or have limited employer sick pay. An injury like a broken bone could put you off work for weeks, if not months. Fracture Cover provides a financial cushion that allows you to concentrate on getting back on your feet and will help with the extra costs an injury can cause, such as childcare, travel costs or equipment for mobility.
Available as an optional add on with many providers and as a core benefit of some income protection policies. The cover varies significantly between providers in terms of the monthly cost, the payouts and policy conditions. It’s important to be aware of any exclusions, commonly related to high risk activities such as rugby, horse riding and martial arts.
Launched in May 2024, Accelerate provides access to experts from around the world to offer a package of medical care services for cancer, heart and neurological conditions. It gives you more choice than standard medical care in the UK, with fast access to consultations, diagnostics and second medical opinions. It can also help you access the latest precision cancer medicine and clinical trials; as well as treatment abroad at some of the leading hospitals in the world.
Accelerate is comprised of six individual services;
You can use as many or as few as you like and can access these at any point. You don’t have to follow a linear path and you can choose to combine Accelerate with services offered by public healthcare or your current healthcare provider if you want to.
Accelerate is a complementary service to both public and private healthcare and is not intended to replace either. It gives you an alternative route and should be taken up in consultation with your GP. It’s all about giving choice and offering greater control over your healthcare decisions.
Anyone using the services are also supported by case managers who provide reassurance and help to navigate your healthcare journey. If you choose to receive treatment abroad, Accelerate will organise the travel, accommodation and daily allowance as well as providing you with the option to be supported by two travelling companions.
Children’s Critical Illness Cover is insurance that can pay a lump sum to help families if a child becomes seriously ill with a specified critical illness. It’s designed to help with the financial strain of caring for a seriously ill child, to help with medical costs, home adaptations or to help make up lost income.
With Children’s Critical Illness being the fourth most common reason for a claim on Critical Illness Cover (source – Aviva 2024 Claims and Wellbeing Insight), an increasing number of insurers are offering Children’s Critical Illness as a bolt on to any adult policy. Cover is available from £10,000-£100,000 with options including Standard and Enhanced cover.
Whilst many Critical Illness Policies cover children automatically, not all do, and some insurers will offer it for an additional fee. Some Insurers offer Children’s Critical Illness cover as an optional ad on to their Life Insurance Policies.
It is also possible to take out a standalone Children’s Critical Illness Policy if you don’t have a Critical Illness Policy yourself that covers your children. Our advisors can help with this too.
We’ll help find the policy that works best for your individual situation.
Aviva’s Global Treatment provides clients with access to international facilities, doctors and treatment all over the world. Having access to medical experts and treatment globally could make a difference to your outcome. Global Treatment gives you the option to pursue recommended treatments without having to worry about arranging and paying for treatment, travel and accommodation. If subsequent trips abroad are required for follow-up treatment, these are also covered by the plan. Aviva Global Treatment will pay a maximum of £1 million a year and a maximum of £2 million over the policy term. It is provided in conjunction with Further and available as an optional extra with Life Insurance+, Critical Illness+, Income Protection+ and Living Costs Protection for an additional £3 per month (reviewable)
Here at PSG Financial Consultants, we have firsthand experience of how valuable Aviva’s Global Treatment can be. It was used by a family member of one of our advisors this year.
Kevin’s Global Treatment journey.
“I’m pleased to share my journey with Global Treatment”
As buy to let Landlords, my wife and I were advised to take Aviva Global Treatment cover as part of our protection.
Little did I know at the time that I’d need to call upon the policy. Having been diagnosed with a heart murmur, I was referred to a specialist and following further investigations, I was advised that I had a defective mitral valve. They told me I was best to have it treated sooner rather than later as it would only get worse over time. I was on the NHS waiting list for treatment but with no clear date on when they would be able to do it. This had a huge impact on my life being usually busy and active I was forced to take things easy and suffered from laboured breathing and tiredness. Not knowing when I was going to be seen left me feeling in limbo, it was around this time I turned to my Aviva policy.
Being a little sceptical about where I’d be offered the treatment, I was pleasantly surprised to be given the choice of 3 hospitals; one in Germany, one in Italy and one in America. Having researched each, I chose to be treated in the renowned Mount Sinai Hospital in New York. I was impressed with the speed and efficiency of the whole process including the travel arrangements for getting myself and my wife to New York, all expertly handled by Further Underwriting International S.L.U. We were collected from home by private car hire and taken to the airport. We were met in New York and transported by private car hire to the hotel, again the hotel of our choice from a number offered to us.
After a stay of 3 weeks, during which I had a successful operation to repair my heart valve by a renowned surgeon, we returned home. The full cost of the treatment, flights and accommodation was covered.
I have to say, for such a small monthly payment, this is a great policy. I was delighted with how myself and my wife were treated by AVIVA/Further Underwriting, with so much compassion, patience and understanding. I would have no hesitation in recommending this policy.”
From the first chat, through the entire duration of the products we recommend for you. you’ll have the ongoing support of our advisors and administrative team.
Once you’ve taken out an insurance policy recommended by one of our advisors, they will reach out to you at regular intervals during the term of the policy to have a chat about your circumstances and ensure that the cover continues to meet your needs.
Here are some common examples of when a review may be necessary:
If you’ve increased your mortgage amount, or the term of your mortgage to move home, it’s sensible to review your Life Insurance. Any change to the outstanding repayment amount or the term of your mortgage should be reflected in your Life Insurance so you have enough cover for as long as you need it.
Life Insurance and Critical Illness Cover providers often offer an option to add Children’s Critical Illness Cover to an existing policy. It’s hard to contemplate the prospect of a child becoming ill, but without a financial safety net the thought is even more sobering.
An Income Protection policy benefit amount is usually based on a percentage of your salary. A lot can happen during the term of an Income Protection policy. If you’ve had a pay rise, it’s likely there will have been changes to your outgoings too. It makes sense to review your Income Protection benefit amount in line with your increased income.
In the event that you need to make a claim on an insurance policy we’ve arranged for you, we will be on hand to help you with the claims process, every step of the way.
See Insurance claims statistics
After the death of a loved one there are some practical things that need doing, like registering the death and arranging a funeral. These tasks can be a welcome distraction, or simply overwhelming. We’ve created a practical guide to make things a little easier.
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