Why increase your cover?
Anyone with dependants should consider life assurance. The loss of a partner, for example, can leave problems with paying the mortgage, rent, school fees or simple day to day expenses.
What types of policies do we offer?
• Mortgage Protection / Term Insurance - This is the least expensive option, and pays out the insured sum if the policyholder dies or is diagnosed with a terminal illness while the policy’s fixed-length term is in force. There is no savings or endowment attached so, if the insured person survives until the end of the term, there’s no money back. This cover is often referred to as ‘term assurance’ and is timed to run only until a large family commitment - such as the children’s education - has been cleared.
• Critical Illness – Critical illness plans are built around a core list of the most common serious conditions and are often purchased as an additional protection on a life assurance plan. The benefit is then paid out upon critical illness or death.
• Income Protection – Income Protection is also known as permanent health insurance (or PHI). These policies pay out agreed sums if you are unable to continue in your job due to certain illnesses or injuries.
• Family Income Benefit – In the event of your death, the policy pays a fixed monthly sum to your dependants until the policy expires.
When you should buy life assurance?
Lifestyle changes are often unexpected, and will sometimes require you to re-assess your levels of protection, for example:
- Moving home
- Getting married or cohabiting with your partner. One of you may have no protection at all, or you may increase your mortgage which would require an increase in protection.
- Becoming a parent
- Change in your mortgage commitments
Cover on the above benefits is subject to payments being up to date and the policy being valid at the time of a claim.