PROTECTION
Life Assurance
Life Assurance is generally taken out at the same time that you are arranging a mortgage and pays out a specified amount of money should you die during the term of the policy. Life Assurance can be used to protect a mortgage or for family protection
There two different types of polices one is level term assurance where the sum assured remains the same throughout the term of the policy or decreasing term assurance where the sum assured reduces throughout the term of the policy ( generally to match the term of your mortgage). With both policies the premium remains the same and the cost can be relatively cost effective.
Critical Illness cover
Critical Illness Cover pays out a sum assured when you are diagnosed with a defined critical illness. Illnesses covered can include most cancers, heart attack of a specified severity, strokes and multiple sclerosis to name a few, although most policies cover many more illnesses than these.
Income Protection
Income protection pays out a monthly sum should you be incapacitated due to sickness or accident and can be used to pay essential monthly bills. The monthly pays out a tax free monthly sum until you fit enough to return to work.
Typical Cost for Income Protection of £13.93 per month, for every £975.00 of monthly benefit. Example based on a 30 year old customer with a net income of £1,500 per month and a 4 week excess on the policy.
