Life
Insurance

How Your Life Insurance will work for you

All Life insurance policies pay out a cash sum if you die or are diagnosed with a terminal illness with less than 12 months to live, during the time covered by the policy. The money can be used to cover your mortgage; financial commitments and living expenses you don’t want to leave behind for someone else to deal with.

Types of Life Insurance:

Level term

Level term insurance policies are where the cash sum will remain the same or ‘level’ for the duration of the policy. The policy term starts from 1 – 70 years up to the maximum age of 80-90 depending on the insurance provider. The policy’s sum assured will not change in value and will remain the same for the duration of your cover. Once the term of your policy comes to an end you will no longer be covered. You will then have to replace the policy to keep your cover in place. Level term will also ensure that your premiums are fixed.

Decreasing

Decreasing term also referred to as ‘mortgage protection’ is where the cash sum will go down in value, this is usually in line with your mortgage repayment (suitable for repayment mortgages rather than interest only mortgages). The policy is designed to cover your family in the event of them being left with financial debt or an unpaid mortgage due to an early death.

Whole of life

Whole of life policies will provide a lump sum in the event of your death to leave to your loved ones. A whole of life policy does not have an end date and will run for your entire life. The amount of cover selected to be paid to your family or loved ones remains the same throughout the lifetime of the policy.

Over 50s

Over 50s life insurance pays a fixed cash sum to your loved ones after you die. The policy sum can be used toward funeral costs, debts or to leave a small gift behind. The policy premiums start from £5 per month and have an age limit of 50 - 80 years old. Over 50’s have guaranteed acceptance with no medical questions asked.

Critical Illness Cover / Serious Illness Cover

Critical Illness Cover (cic) also known as Serious Illness Cover can help slow down or remove the financial burden on you and your family if you were to become critically ill. It is an additional option that can be added, when taking out life insurance or decreasing Life insurance, at an extra cost.

What your cover will do for you?

Critical illness could pay a cash sum if you’re diagnosed with or undergo a medical procedure covered under your policy. Each insurance provider specifies a list of serious illness/conditions and procedures that are covered, which will be outlined in your policy details. The cash sum can be used towards your childcare costs, mortgage repayments, or to maintain your standard of living if you are forced to take time off or leave work while recovering. You determine the time and the amount of cover needed.

Additional Products

Income protection

Income protection (IP) is a policy that pays out a tax-free monthly payment to your account if you are unable to work due to an illness, accident, injury, sickness or loss of employment. Income protection gives you the peace of mind that you and your family will be able to afford to pay your bills, mortgage repayments and sustain your lifestyle.

Private Medical Insurance

Private Medical Insurance (PMI) in the UK provides access to high-quality private medical facilities and medical treatments, at a time and place to suit you. It is designed to work alongside all the services offered by the NHS, but focuses on providing quicker access to treatment for acute medical conditions. PMI plays an important role in helping fund the cost of early diagnosis and treatment of acute conditions. .
income

If premiums aren’t maintained the cover provided by the policy will cease