19 June 2013
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Life Insurance - what you need to know
If you have a life policy which is several years old you may be able to change your provider for a more competitive premium, or to increase the benefit for the same monthly cost. You should seek advice before cancelling any existing policies and ensure continuity of cover when making new arrangements. Click on the links below to view our helpful advice guides that will let you find out how you can protect either you and your family, your mortgage, or your business.
Beginner's Guide to Protecting your Future
It's a sad fact that whilst most of us are quite happy to insure our car, our house and our travel arrangements to their full value, few of us take quite as much care over our health and loved ones. This guide will assist you in considering your own situation.
What is Critical Illness Cover?
Although Critical Illness cover is sold by life assurers, there is a big difference when compared with life insurance - you don't have to die to benefit from the Critical Illness insurance policy. This type of cover is designed to pay out a (tax-free) lump sum in the event of you suffering from certain types of serious illness or if you have to undergo certain types of surgery.
What is Level Term Assurance?
The name says it all. It's term assurance, as you only get a payout within the set 'term' e.g. 18 years. It's level, because the payout you get is fixed from the start of the term until the end. Level term assurance thus guarantees a known lump sum payout upon death within a fixed time e.g. £150,000 if you die within the next 18 years.
What Is Mortgage Life Assurance?
Mortgage Life Assurance is designed to pay off the remaining mortgage debt on repayment mortgages if you die within a set period. It ensures your dependents need not worry about repaying the mortgage if you die.
What is Permanent Health Insurance?
Permanent Health or Income Protection Insurance is designed to pay you a regular tax free monthly income if you are incapacitated and unable to work due to illness or injury.
What Is Whole Life Assurance?
With Whole Life Assurance, for a given premium, a wide range of plans are available. The premium is split between providing for the insurance required now and investing into the insurance company funds in order to subsidise the cost of the cover in later years.
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