Protection
There are many reasons why it is a good idea to take out a Life Assurance policy, the obvious being to provide financial security and peace of mind to your family.
There are many providers offering competitive terms on Protection policies, so it pays to shop around, which is where an Independent Financial Adviser can help, we have access to all providers of this cover, so can compare premiums and levels of cover.
Remember you do not have to take the cover offered by the Bank or Building Society you have your mortgage with, and please remember we offer a free review service to track down the most competitive cover for you.
Please see below/right, a reference to the differing types of Protection plans available to you, and please do not hesitate to contact me for a no obligation quote, and find how affordable Protection can be.
In return for paying a premium, the life assurance company will agree to pay out a certain sum of money if the insured dies before a certain date. If the policyholder does not die within the term, then the policy merely ends with no payout of any sort. These policies are usually cheap to buy and perform the useful function of providing protection for those who benefit from the policy, such as family members, if the policyholder dies.
Click here for a Term Protection quote
Mortgage Protection Assurance
A variation of Term Assurance, and usually purchased to cover the balance of a mortgage, should the insured die before the mortgage is repaid or the cover comes to the end of its term. It is cheap to buy and can be set up with the initial sum to cover the loan either remaining level throughout the mortgage term or decreasing.
Permanent Health Insurance
Also known as ‘Income Protection’.
"The Self Employed, and anyone who does not get paid by their employer indefinitely when they are off sick, should consider this type of income protection. It provides an income if the insured is unable to work because of illness or accident. Normally, there is a deferred period before the income is paid, and the longer the deferment, the lower the premium. Payments may be restricted to 75% of previous earnings and any state benefits will be taken into account.
Critical Illness Cover
Many people who suffer a life threatening illness survive for relatively long periods due to advances in medical care. Critical illness is a protection policy which provides a lump sum on diagnosis of one of a specified list of illnesses, or on the permanent total disability of the life assured.
The typical critical events covered are:
- Alzheimer’s Disease (Before 60)
- Aorta graft surgery
- Benign brain tumour
- Blindness
- Some forms of cancer
- Coma
- Coronary artery by pass surgery
- Creutzfeldt-Jacob Disease
- Deafness
- Some forms of heart attacks
- Heart valve replacement or repair
- HIV resulting from a physical assault
- HIV from an occupational accident
- HIV from blood transfusion
- Kidney failure
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ transplant
- Motor neurone disease
- Multiple sclerosis
- Paralysis
- Parkinsons Disease (before 60)
- Pre-senile dementia
- Stroke Third degree burns
Each of these illnesses are a life changing event and will probably adversely affect your ability to live and work as you did before.