Life insurance payouts will keep your family afloat
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Life insurance payouts will keep your family afloat
In 1912, when the ‘unsinkable’ Titanic hit an iceberg and sank, accident and life insurance companies lost almost $3.5m, with the tragic accident leading to some of the largest insurance payouts ever.
Of all those who perished, Herbert F. Chaffee of North Dakota held the largest life insurance policy. His beneficiaries received $146,750, equivalent to around $3.9m today.
Still relevant
Recent events have taught us that life insurance is just as important in 2020 as it was over a hundred years ago. The pandemic has led to the loss of more than 40,000 lives in the UK and over 890,000 globally. Many grieving families have been left financially devastated.
Life insurance is often cheaper than many people think and ensures your dependants will be financially secure should the worst happen. It’s not worth leaving your family’s future to chance.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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