Life insurance is vital to be able to provide for loved ones after you die, but there are many different types of policy to choose from, and there is no “one size fits all” option.
The right life insurance policy to choose is dependant upon the key to choosing the best policy for you is understanding your own individual circumstances. Speak to one of our qualified independent advisers for a no obligation review and quote. Read more...
No-one likes to think about becoming seriously ill. We all prefer to believe nothing bad will ever happen to us. But the sad truth is that one in six women and one in five men will have a serious medical condition at some point in their lives.
Critical illness insurance pays out a lump sum if you’re diagnosed with one of a series of serious medical conditions such as cancer, heart attack and stroke. It will also pay out if you are permanently disabled as a result of injury or illness.
The money is tax-free and can be used any way you wish – to pay for private medical treatment or to cover your mortgage, other loans and household bills while you’re undergoing treatment. You could even pay for your home to be adapted to cater for your needs. Read more...
Income Protection cover, as its name suggests, is designed to ensure you will continue to receive an income if you are unable to work due to illness or disability.
There are several different types of cover available, and it is important to understand the difference between them in order to find the right policy to suit your needs. Read more...
Mortgage Payment Protection Insurance (MPPI) is designed to cover the cost of your mortgage payments in the event that an accident, sickness or unemployment stops you from working.
Most MPPI policies will only pay out for a maximum of a year, so if you do have sufficient savings in place to tide your over for this length of time, then you may not require cover.
Check how much your employer is likely to pay you in the event that you get made redundant. If you have worked at your company for several years, the chances are you may get a decent payout, which would mean you might be paying for the unemployment element of your mortgage protection policy unnecessarily. It is also worth noting that although statutory sick pay doesn't usually affect short term IP, anything you receive over & above statutory (from your employer for example) can affect the benefit payable under the policy. If this is the case, you may be better off going for accident and sickness MPPI cover only. State benefits don't usually affect this unless they take you over the maximum claim limits, but this is worth checking before taking out a policy. Read more...
As the name suggests, a whole of life insurance policy is designed to provide a level of life assurance that is capable of lasting your whole lifetime. This type of cover guarantees a lump sum payment when the policyholder dies as long the payments are made continuously from the start of the policy.
Typically, these policies insure for large sums, often to cover future inheritance tax bills. This, coupled with the fact a claim is inevitable, means these policies can come with higher premiums than term life insurance. Read more...