Life insurance is more than just a financial safety net; it’s a promise to your loved ones that they’ll be taken care of, even in your absence. With our tailored life insurance policies, you can secure their future, providing them with the means to maintain their lifestyle, cover outstanding debts, and achieve their dreams.
But life insurance is not just about protecting your family’s financial well-being. It’s also about leaving a lasting legacy, ensuring that your values and aspirations endure beyond your lifetime. Whether you’re planning for your children’s education, safeguarding your spouse’s retirement, or simply providing peace of mind, our life insurance solutions empower you to shape a brighter tomorrow for those you cherish most.
With Luminosity, you can explore a range of life insurance options suited to your unique needs and priorities. Let us help you craft a plan that not only secures your family’s future but also reflects the legacy you wish to leave behind.
Writing Life Insurance in trust is one of the best ways to protect your family’s future in the event of your death. Your Life Insurance policy is a significant asset and by putting life insurance in trust, you can ensure the right people are paid at the right time. Ask your Luminosity adviser and they can discuss further with you.
Life Insurance FAQs
Yes, many life insurance policies offer flexibility and can be adjusted to better suit your changing needs over time. You may have options to increase or decrease coverage, change beneficiaries, or even switch to a different type of policy, depending on the terms of your insurance contract. It’s essential to review your policy periodically and consult with your insurance provider or agent to ensure it continues to meet your financial goals and circumstances.
Yes, you can hold multiple life insurance policies. Many individuals opt for this to meet different financial needs. For example, you might have one policy to cover your mortgage and another to provide income replacement for your family. When applying for multiple policies, insurers will consider the total amount of coverage to ensure it aligns with your financial situation.
If you miss a premium payment, most life insurance policies offer a grace period, typically 30 days, during which you can make the payment without losing coverage. If you fail to pay within the grace period, your policy may lapse, and you could lose your coverage. Some policies may offer reinstatement options, allowing you to restore your coverage by paying the overdue premiums and possibly providing evidence of insurability.
Life insurance death benefits are generally not subject to UK income tax when paid to your beneficiaries as a lump sum. However, any interest earned on the benefit amount or additional payments received in installments may be taxable. It’s important for beneficiaries to consult with a tax advisor to understand any potential tax implications based on their specific circumstances.