• Tax free lump sum on death or diagnosis of terminal illness
• Whole of life, level or decreasing cover
• Protection for your dependents

If you had life cover in your previous salaried job, you would probably have been covered for between 1-4 times your salary, but as soon as you become a contractor, this benefit will disappear and you will need to consider taking out individual cover to replace this to ensure financial security for your family.

With hundreds of different products on the market, Forum Wealth Management can pick the best policy for you based on your age and financial requirements. If you already have a policy, we can check to ensure that it is still the most competitive. If you have taken out a policy in the last five years, we should be able to reduce your costs especially if taken out through a bank or building society. This is because we have access to the whole of the market place whereas a number of Banks and Building Societies only retail policies from a single provider.

There are several types of life insurance:

Term Cover
This provides low cost cover for a given time period. At the end of the period the cover lapses with no value. Rates are very competitive and depend on your age, sex and lifestyle (i.e. drinking and smoking).

The plan guarantees a payment upon your death, but the cost of starting a policy will rise as you get older. There are several ways that term life cover can be used in the event of your death.

• Provide a lump sum which will generate interest
• Cover you for a certain period - i.e. until your children have gone to university or your mortgage is paid off

Family Income Benefit Plan
This provides a set income over a term to pay household bills and school fees. The amount paid out would depend on when the death occurred in the course of the plan.

Whole of Life Policy
This ensures that a policy never comes to an end. If taken out early enough it can be reasonably priced and is often linked to an investment which can be encashed if the fund has not been depleted. This is different from most term cover plans which do not include a savings or investment feature.