At Clifford Davis we are on hand to sit down with you and discuss all your requirements and needs – advice that may prove invaluable when protecting the important things in your life.

We can help you deal with the ‘what ifs’ in life such as illness, injury or even death. By thinking about these things now, you can plan ahead and gain peace of mind that you and your family will be looked after financially.

Reviewing Existing Plans

We also work with our clients to review historic policies that they may have in the areas of life insurance, critical illness cover and income protection. Our aim is to ensure that these policies are still relevant and suitable.

Term Assurance

The most basic type of life insurance policies are called term insurance policies, where an individual is covered for a specified amount of money, over a specified period of time. If you die within the term, the policy pays out. If you don’t die during the term, the policy doesn’t pay out and the premiums you’ve paid are not returned to you.

There are two main types of term assurance, level-term and decreasing-term insurance.

Level-term Life Assurance

A level-term policy pays out a lump sum if you die within the specified term. The amount you’re covered for remains level throughout the term – hence the name. The monthly or annual premiums can be set on a guaranteed basis (they remain the same) or on a reviewable basis (they can go up). It is also possible to have protection against inflation built-in to such policies i.e. the lump sum goes up with inflation each year.

A typical scenario for a policy like this might be where a father wishes to leave a set lump sum in the event of his death for his family.

Decreasing-term Life Assurance Policies

With a decreasing-term policy, the amount you’re covered for decreases over the term of the policy. These policies are often used to cover a debt that reduces over time, such as a repayment mortgage.

Premiums are usually significantly cheaper than for level-term cover as the amount insured reduces as time goes on. Decreasing-term insurance policies can also be used for inheritance tax planning purposes.


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About Clifford Davis

Clifford Davis is a premier provider of property-related financial advice. Based in Barnet, North London, we pride ourselves on being able to advise and to provide guidance in all areas of property-related finance.

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Family Income Benefit

Family income benefit life insurance is a type of decreasing term policy. Instead of a lump sum, though, it pays out a regular income to your beneficiaries until the policy’s expiry date if you die.

The upside of family income benefit is that it’s easier to work out how much you need. For example, if you take home £2,500 a month, you can arrange for the same amount to be paid out to your family if you die.

However, there is a downside, too. If you die two years into a 20-year family income benefit policy, your family could get £2,500 a month for 18 years. But if you die a year before the policy ends, your family gets £2,500 a month for just one year.

These policies do tend to be a very cost-effective way of protecting the living standards of an insured individual’s family.

Whole-of-life Policies

As the name suggests, whole-of-life policies are ongoing policies that pay out when you die, whenever that is. Because it’s guaranteed that you’ll die at some point (and therefore that the policy will have to pay out), these policies are more expensive than term assurance policies, which only pay out if you die within a certain timeframe.

Whole-of-life policies can be a useful way to cover a future inheritance tax bill.

Critical Illness

Critical illness policies can be set up on exactly the same basis as the life policies detailed above i.e. level-term, decreasing term or whole of life. However, rather than paying out in the event of death, they will pay out upon diagnosis of a pre-specified serious illness.

As a serious illness is more likely than death, this type of cover tends to be more costly than life-only cover. It is also important to note that not all providers offer the same level of cover i.e. they don’t all cover the same conditions. This is something that we will discuss with you during the advice process.


It is often wise to consider placing certain types of personal protection policies in to trust. The area of trust planning is very wide and can be complicated. However, trusts can often be used to protect the proceeds of a life insurance policy from Inheritance Tax and/or to ensure that the correct people receive the money in the event of the insured person’s death. We will discuss this with you, again, as part of the advice process and, if appropriate, we will recommend the right type of trust for your policy.

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