There are many types of products available to help you protect the people and things you care about.
Cover can be taken to protect your family in the event of your death or critical illness, to provide you with an income should you be unable to work due to sickness or redundancy, or to meet the cost of long term care or private medical treatment.
It is advisable and sometime essential to take cover to protect your mortgage or other loan in the event of your death to ensure borrowing is fully repaid.
We can help you decide which type of cover you need and help you find the most appropriate provider. Being fully independent we offer advice from the entire market place and can source the best product for your needs.
Time after time we come across people who ask about the cover they could have taken to protect their income once they have been made redundant, or wish they had taken critical illness cover only once diagnosed with a life changing illness. Don’t delay speak to one of our consultants today to see how we can help.
Life Assurance (term assurance)
Term assurance provides cover for a fixed term with the sum assured payable only on death. There are no investment benefits or payments on survival.
Term assurance premiums are based primarily on the age and health of the life assured, the sum assured and the policy term. The older the life assured or the longer the policy term the higher the premium will generally be.
Term assurance policies can be written on a single life, joint life (first or second death) or on a life of another basis. The cover can be arranged to pay out a fixed amount throughout the term of the policy or on a decreasing basis reducing throughout the term of the plan.
What is a critical illness insurance plan?
A Critical illness policy will cover you in the event of a pre-determined illness or disease. Not all Critical illness policies are the same and policy conditions will vary. It is vitally important to understand exactly which conditions are covered before you proceed with a particular policy or insurance plan.
With most Critical illness policies a capital sum is paid out on diagnosis of a specified medical condition or occurrence of some forms of heart attack, some forms of cancer, renal failure, major organ transplant, stroke etc.
Whole of life assurance
As the name implies, whole of life assurance policies give you protection for life. Unlike term assurance that only pays out if you die during the term of the policy, a whole of life assurance policy always pays out eventually.
For this reason whole of life assurance can be more expensive than term assurance, although this is not always the case.
The main type of whole of life assurance used these days is unit-linked whole of life which offers a variable mix between investment content and life cover.
What is an income protection insurance plan?
Income protection policies provide an income that starts after a deferred period of your choice if you are unable to work through sickness or injury. These types of policy usually have a fixed term to retirement age 60 or 65.
Once the income protection policy is accepted by the insurer the premiums cannot be increased or claims refused regardless of the number of legitimate claims.
There is a maximum insured income limit. Levels of income protection cover may vary but may be in the region of 50%-65% of previous income.
What is a long term care insurance plan?
Long term care insurance policies provide for the cost of needing care in a nursing home or at home. In recent times there has been a growing need for long term care cover because of the Government’s problems in funding the cost of care for the elderly.
Premiums for long term care insurance can normally be paid regularly (eg monthly) or by a single premium or a mixture. Benefits can be designed to increase.
A claim will only be paid if the policyholder is unable to carry out certain functions of daily activity without help, such as washing, using the toilet, feeding and moving around the house.
What is a redundancy insurance plan?
A Redundancy insurance policy provides an income in the event of redundancy. Normally redundancy insurance policies are linked to mortgages and offered by building societies as part of a mortgage package.
Benefits form a redundancy insurance policy start after a deferred period and normally pay out only for a maximum of two years. They may be restricted to a percentage of earnings subject to an overall maximum.
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