Life & Critical Illness Cover
Protect not just your house but the ones you love.
Many of us take out insurance on a new TV or washing machine, but fewer people insure what’s really important to them, their lifestyle and their family.
Could your family cope without your income?
How would a serious or critical illness impact on your lifestyle?
According to Cancer Research UK cancer accounts for over 150,000 deaths a year and according to Macmillan 36% of new cancer diagnoses are amongst people of working age.
Life Cover
Life cover protects your dependants and loved ones against financial hardship by providing a lump sum in the event of your death during the term of the policy. This can be used to help pay off the mortgage or any other financial commitments or just saved for a rainy day.
Critical or Serious Illness Cover
This type of cover pays out a lump sum, within the term of the policy, if you are diagnosed with a specified critical illness or condition, such as some forms of Cancer, Heart Attack (of specified severity) and many more. You can use the benefit received in whatever way you wish such as to pay off your mortgage, pay towards medical expenses or go on holiday. There is usually the added benefit of your children receiving some cover under the policy free of charge.
Decreasing Term (Mortgage Protection) Assurance
Decreasing term cover is a form of policy where the sum assured reduces in line with your mortgage debt (providing that no part of the mortgage is on interest only and that the percentage rate of the loan has not gone above a specific rate set at the outset). So in the event of a policy holder dying if they have decreasing term life cover or being diagnosed with a specified critical illness if they have decreasing term critical illness cover it will pay out a lump sum sufficient to repay the mortgage.
Family Income Benefit
This is similar to life cover or critical illness cover but instead of it paying out a lump sum it will pay out a monthly tax free benefit to the beneficiaries until the end of the term of the policy. This is an efficient way of guarding against the lifestyle of the loved ones left behind. It will give you peace of mind knowing that there will be an income left behind for a specified number of years.
Trusts
Most assurance policies can be written in trust. This will ensure that the people you intended become the beneficiaries, no lengthy waiting to receive any benefit and will help guard against sideways inheritance. We can explain how trusts work and write the policies into trust for you if you wish at no extra charge.
Why not call us today on 029 2002 6220 to find out more about what is available and to find an affordable solution that’s tailored to your needs.
