Ensuring the mortgage and family are protected should you unexpectedly pass away, fall seriously ill or have an accident
When planning for the future it is important to protect against sickness, illness and death and the great financial Implications these may have on your family and beneficiaries. We understand the risks in these areas and can help advise on suitable levels of business and personal protection to ensure that you are fully protected against all eventualities.
It's a sad fact that whilst most of us are quite happy to insure our car, our house and our travel arrangements to their full value, few of us take quite as much care over our health and loved ones. This guide will assist you in considering your own situation.
Level term life assurance
The name says it all. It's term assurance, as you only get a payout within the set 'term' e.g. 18 years. Its level, because the payout you get is fixed from the start of the term until the end. Level term assurance thus guarantees a known lump sum payout upon death within a fixed time e.g. £150,000 if you die within the next 18 years
Mortgage life assurance
Mortgage Life Assurance is designed to pay off the remaining mortgage debt on repayment mortgages if you die within a set period. It ensures your dependents need not worry about repaying the mortgage if you die.
Whole of life assurance
Whole of Life insurance guarantees to pay out in the event of death, whenever it occurs. The premium you can also include an investment element which helps to pay for the cost of cover over time. The cost of cover can be more expensive than term assurance, but there is usually a claim value too.
Critical Illness insurance
Although Critical Illness cover is sold by life assurers, there is a big difference when compared with life insurance - you don't have to die to benefit from the Critical Illness insurance policy. This type of cover is designed to pay out a (tax-free) lump sum in the event of you suffering from certain types of serious illness or if you have to undergo certain types of surgery
Income protection insurance
Income Protection Insurance is designed to pay you a regular tax free monthly income if you are incapacitated and unable to work due to illness or injury.
Private Medical insurance (PMI)
PMI enables you to cut out NHS waiting lists and have treatments and operations privately at speed, and to give you the piece of mind you will need in such worrying times. This insurance can cover in and out patient care, consultants fees as well as operation costs and recuperation.