Protection

Life insurance isn't essential for everyone, but it does provide security and peace of mind for many individuals and their loved ones. There are plans that pay a lump sum to beneficiaries after a singular event, or policies that pay a regular monthly amount to help cover ongoing expenses. Below are the policies that we most commonly encounter, both as a stand alone policy and also in conjunction with a new mortgage.

Term Assurance

• The most common and most cost effective

• Pays a lump sum if you are diagnosed with terminal illness or die within the policy term

• Can be arranged on a decreasing, level or increasing basis

• Premiums can be guaranteed and benefit amount linked to your mortgage to ensure this is always fully protected

Critical Illness

• Pays a lump sum in the event of a specified illness

• Most common claim are for cancer, heart attack and stroke diagnosis

• Can be arranged as a stand alone policy or in conjunction with term assurance

• Can include children's cover as part of the same policy

Income Protection

• Provides a tax-free monthly sum in the event of illness or injury

• Can make more than one claim over the policy term

• Short-term policies are cheaper and pay out for a maximum of 12 or 24 months

• Policy begins to pay out after a 'deferred' period of between 4 and 52 weeks

• Longer deferred periods result in cheaper monthly payments

• Cover can either be level or inflation-linked

Other Protection

• Whole of life insurance/over 50s cover- doesn't have a specific term as the policy only ends when you die

• Family income benefit- pays a regularly monthly amount to beneficiaries in the event of your passing

• Key person insurance- offers protection to a business if the loss of an individual would significantly impact operations

• Private medial insurance