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Specific term assurance for doctors
In the case of a UK term assurance policy, the premiums are paid for a specified term only, at the end of which the policy expires without a value, hence the name. During the term of the policy there is a sum assured which is payable in the event of a claim. There are varieties of term assurance which we tailor directly to the needs and requirements of doctors.
Life Assurance Cover Explained for Doctors
Some versions have a level sum assured and others have a sum assured which decreases over the term in order to cover the balance on outstanding mortgage repayments.
The objective of term assurance for doctors is to provide protection against death or critical illness during a predetermined period, so that dependants are provided for until a mortgage or long term loan is paid off.
It is often difficult to contemplate such matters for obvious reasons, but term assurance is an essential part of the wealth management service we offer here at Medical & Professional Investment, which really does require your attention.
Varieties of UK term assurance for doctors
Here at MPI we do not adopt a one size fits all strategy to any of our wealth management services, on the contrary, we specialise in tailoring financial solutions to meet the exact requirements of junior doctors, GPs, hospital doctors and consultants.
There are a number of different varieties of term assurance you may wish to consider:
- A level term policy will pay out the same lump sum throughout the duration of the policy.
- In the case of a decreasing term policy, the payout is reduced by a fixed amount each year, ending up at zero by the end of the term. A term assurance policy is often taken out to cover the costs of a repayment mortgage, as the value of the payout decreases by a fixed amount each year in line with the value of the mortgage to pay off.
- Increasing term assurance is often used as a tool to protect an initial lump sum against inflation.
- Convertible term assurance gives the policy holder the opportunity of switching in the future to another type of term assurance such as a ‘whole of life’ or endowment policy.
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