Protection

What should I get insurance cover for?

The future is unknown and it’s important to consider the potential risks if things don’t go according to plan.  To decide whether you need protection and what type of protection you might need, you should consider what’s important to you…..your family…… your lifestyle ……your home!

No two people are the same and the type of protection you need will depend on your personal circumstances.

Level Term Assurance

A life assurance policy will pay your dependents a lump sum if you die unexpectedly.  The amount insured remains the same throughout the life of the policy and the time period you are insured for is fixed at the time the policy is taken out. The policy can run for any length of time between 1 and 70 years; up to a maximum of age of 90. Term assurance plans typically have no cash in value and will cease at the end of the term. If premiums are not maintained then cover will lapse.

Whole of Life Insurance

Unlike term insurance which pays out if you die during the policy term, Whole of Life assurance always pays out, as long as you keep up with the premium payments. 

Mortgage Protection

Decreasing term or Mortgage Protection, as it is more commonly known, lasts for a pre-agreed number of years which usually matches the length of your mortgage and pays out if you die during that time.  Each year the amount insured decreases as it is designed to be used with a repayment mortgage where the outstanding loan decreases over time.

Critical Illness

Critical Illness covers serious illnesses and it  pays out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition pre-defined by the Insurance Company, during the term of the policy.

Income Protection

Income Protection insurance is designed to support you financially if you can’t work due to illness or injury.  It will pay out a part of your income until you are able to return to work or for the period covered in the policy.  There is often a waiting period before payments start and depending on the policy it covers most illnesses.

Family Income Benefit

This type of policy is similar to level and decreasing term insurance, except it pays out a regular income for the remaining term rather than a lump sum.