Family Protection
The aim of Family Protection is to cover you should the unthinkable happen. It will provide security to people who are financially dependent on you. We all need to consider the impact and consequences our death, serious illness or injury would have on the people closest to us.
We can look at your lifestyle to tailor a protection package, ensuring your family will be financially secure whatever life throws at you. In our experience, helping to protect the things that are important to you; your family, your health and your lifestyle, will give you peace of mind.
Life can be unpredictable; nobody knows what the future holds.
We are often not prepared for the unexpected.
A lump sum upon death or a regular income when faced with a serious illness, can keep those you care about financially secure.
Term Assurance
With this type of life insurance policy, you only get a pay out should you die within the 'term' of your policy. The pay out, also known as the Sum Assured, is chosen at the start of your policy and can be either on a fixed basis (the pay-out is a fixed amount) or on a decreasing or increasing basis (the pay out can either decrease or increase in line with an interest rate or an index) and continues through the term of the policy until the end.
Level Term Assurance guarantees a fixed lump sum to pay out upon death within the term of the policy.
Decreasing or Increasing Term Assurance guarantees a lump sum that either decreases or increases throughout the life of the plan in line with an interest rate or an index. Decreasing Term Assurance and Increasing Term Assurance are very useful to cover the outstanding amount on a Mortgage (Decreasing Term Assurance) or known future increases in wealth to be insured (Increasing Term Assurance).
Family Income Benefit
Family Income Benefit policies are designed to pay a regular, fixed, tax-free income (rather than a lump sum) on the death of the insured, until the end of the policy term. They often provide for an income payable from the date of death until a fixed time in the future (e.g. a youngest child's 18th or 21st birthday).
Whole of Life Assurance
These are policies that provide life insurance for the whole of your life. Whole of Life assurance guarantees to pay out in the event of death, whenever it occurs, as long as the premiums are paid. The premium you pay may also include an investment element which helps to pay for the cost of cover over time.
Critical Illness Cover
For many, the financial risks of a critical illness or injury are more important and more likely than death, as it may lead to loss of work, need for treatment and additional care costs. A critical illness policy will make a lump sum payment or provide a regular income on diagnosis of pre-defined “critical” illnesses, serious conditions or injuries. The conditions covered and level of pay-out vary greatly from policy to policy, so it is vital to read the terms and conditions of each policy rather than simply opting for the cheapest one.
Income Protection Insurance
Income Protection Insurance is designed to pay a regular tax-free monthly income if you are unable to work due to illness or injury, subject to the terms of each individual policy.
Generally, these plans above have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document, if you go ahead with a plan.