Life Insurance

Life insurance cover guarantees that your family will be protected if the worst happens while you still have a mortgage (or any other outstanding liabilities as covered in the policy). If you die within the set term, a tax-free lump sum is paid out to clear your outstanding mortgage balance.

Taking out life insurance may seem an unappealing thought, especially when planning for your future, but if something does come out of the blue you can be assured of your family’s security in your home. Life insurance can also ensure that any debts you may have, and your funeral costs, are not passed on to your nearest and dearest.

Many life insurance policies are also exceptionally flexible in terms of adjusting to the policyholder’s needs. The death benefit may be decreased at any time and the premiums may be easily reduced, skipped or increased.

Critical Illness Cover

Sadly, and unexpectedly, we are at risk of suffering an illness that affects us in a life changing manner. When this happens we may be left unable to work to our full capacity, and this is when Critical Illness Cover is so important.

Critical illness Cover insurance can be added to a traditional life insurance policy, or purchased as a separate item – if you become seriously ill or disabled by predominantly life threatening conditions a lump sum is paid out to deal with the inconvenience of the incapacity. In 2015 over 90% of Critical Illness claims were paid out by insurers which is over 17000 individual claims, and this figure is rising, which goes to show how important this protection can be for families. This kind of policy is unlikely to be suited to people with pre-existing medical conditions.

Serious Illness Cover

Serious illness insurance covers more life threatening or advanced stage illnesses – it pays out a tax free lump sum based on the severity of an illness or disability, multiple illnesses or disabilities. This can allow money to be paid out that would not otherwise be available.

Compared to the cover provided by Critical Illness Insurance, Serious Illness Cover applies to 150 listed illnesses and conditions, often with a lower payment than a traditional policy. Serious Illness Cover will pay you based on the severity of the condition being claimed for, whereas Critical Illness Cover is often a 100% payout, but these reduced payments can often continue until the full amount detailed in your policy is reached. This kind of policy is unlikely to be suited to people with pre-existing medical conditions.

Income Protection Cover

Income protection insurance is designed to provide you with an income if you are unable to work due to sickness or injury. Income protection payouts are naturally limited so that you cannot be financially better off on the plan than you would have been at work.

Qualifying for state benefit, especially in Britain’s existing financial climate, is hard to achieve. The current allowance for someone over 25 is a maximum of £109.30 a week since April 2015. Surviving on this budget is incredibly tricky, and nearly everyone has long term financial commitments; income cover provides long-term solutions to protect these. £230,000 – The current cost of raising a child to 21 years old is higher than ever, and Income Protection will ensure that events out of your control won’t affect your family’s future.