Nobody likes to think of the worst or what would happen if things went wrong. But what would happen if you were unable to work, due to long term illness or were made redundant?
How would you pay your mortgage or meet your other monthly commitments? How would your partner meet the monthly mortgage payments, in the event of your death or the diagnosis of you becoming critically ill? These are things you really should be mindful of and failure to meet monthly mortgage repayments could result in mortgage lenders repossessing your home.
We understand how important it is for you to protect yourself, your family and your home. With our experience and expertise, we can tailor a package for you to suit your needs and ultimately your budget. We can advise you which cover is suitable and explain the benefits and extra options available so you can be sure you arrange the right type of policy. If you would like to arrange a review of your protection needs, please contact us.
Level Term Insurance
Level term is a basic affordable type of life insurance. Normally the cheapest form of life cover. The premium is normally fixed per month or year over the life of the policy. The amount of life cover (also known as the sum assured) is guaranteed for a fixed term. The fixed lump sum amount is paid out if an insured individual dies within the policy period.
Level term insurance can used to protect an interest mortgage ,family protection , to off set inheritance tax,and for business protection.
Policies can be for joint or single lives.
This is a form of level term life insurance with the flexibility of converting the policy into a whole life policy or endowment policy at a future unspecified date
Decreasing Term/ Mortgage life insurance
A policy designed to repay the outstanding balance of a repayment mortgage on death(also known as mortgage life insurance). This type of life insurance decreases at a fixed rate and is the policy most commonly used in conjuntion with a mortgage as it is the cheapest policy.
This is a type of level term life insurance. It allows the policyholder to extend the cover for a period of time at the original ending date of the policy.
Increasing benefit allows an automatic increase of protection without further undrwriting and can be used to protect your policy against inflation. If you include increasing benefit option on your policy, the benefits on the plan would increase each year in line with inflation , retail price index , 5% , 10% an agreed factor to give you this protection. It also provides more flexibility in additional insurance in line with the increase in income or change in financial personal circumstances.
Family Income Benefit
Family Income Benefit pays out a regular income payments can be annualy, half yearly, quarterly or monthly in the event of death or diagnosis of a specified critical illness, during a specified period for your dependants.
A lump sum policy to repay a repayment mortgage (also known as decreasing term assurance). Pays out a reducing sum insured over a specified period in order to repay a capital & interest repayment mortgage in the event of death or critical illness. Due to the reducing sum insured the cost of this policy is lower than the level term assurance.
This is the cheapest mos affordable life insurance policy.
This kind of life insurance pays out the sum insured normally 28 days after diagnosis of the insured person having contracted one of a range of specified critical illnesses. These illnesses usually include heart disease, stroke, , cancer and loss of limb. This is not offered as a standard part of a life insurance policy.
This policy is a more comprehensive policy and is thefore more expensive .
The proceeds of a policy can be used to repay a mortgage,modify a home orcan be used for a holiday of a life time whilst recuperating from a serious illness.
Insurance Companies will quite often include free Critical Illness cover for your children.
Whole of Life Assurance
Provides protection with or without investment and is designed to cover the policy holder for the whole of your life and an be used for Funeral Expences
. This insurance pays a guaranteed sum on the death of the policyholder. This insurance can be without-profits, with profits or unit-linked we may recommendyou see an IFA
if you require advice on this type of policy. In other words you can choose insurance that pays out on death a guaranteed sum only, the sum plus any bonuses that have been added or the sum plus any additional value from the growth of the funds invested in.
Guaranteed premiums usually are fixed by the insurer and remain the same throughout the policy term. If you have chosen the indexation option, in which case the premiums will also rise linked to inflation
Reviewable Premiums are reviewed regularly, usually every five years, by the insurance company and can be reduced or increased depending upon their claims experience and other factors.
Life insurance in Trust
Life insurance writen in trust can guarantee a welcome payout for your beneficiaries in the event of your death. Placing your policy within a suitable trust ensures any payments to your dependants are not delayed and/or subject to tax.
Waiver of Premium
Waiver of Premium is a form of protection which provides that if you cannot follow your normal occupation because of illness or injury, the insurance company will pay your premiums to maintain the benefits under the policy