Life Insurance.
There are usually two reasons why you would consider protection; either to protect your mortgage payments or to provide financial relief to your family if you were to die.
Mortgage Protection Information
Mortgages are most commonly protected by one of two types of Life Insurance:
- Decreasing Term (Repayment Mortgages)
- Level Term (Interest Only Mortgages (usually with a repayment vehicle)).
For an overview of all term assurance click HERE
For a more in depth look at Decreasing Term (often referred to as "Mortgage Protection"), click HERE
Should I include Critical Illness Cover?
Critical Illness Cover would help you cope with a serious illness with the payment of a lump sum in the event of a "Critical Illness".
Perhaps you would use this to settle your mortgage or other debts to enable you to give up work. Or you may wish to alter your home or vehicle to take account of a disability.
For more information, please click here
Other Protection : Are you looking to the future?
"Protection" covers several aspects of a Financial Portfolio. It refers, most obviously, to Life Assurance, i.e. to protect anybody who would suffer financially by your premature death. This would be your immediate family, but often includes creditors or business partners.
"Critical Illness" cover however, is to help you cope with a serious illness with the payment of a lump sum.
Perhaps you would use this to settle your mortgage or other debts to enable you to give up work. Or you may wish to alter your home or vehicle to take account of a disability.
"Permanent Health Insurance (Income Protection)" ensures that at least some of your income would continue if you were unable to work through sickness or accident. This is particularly important for the self employed. It is possible to arrange "Day 1" cover, so that if you have a week off sick, you get a week's benefit.
"Accident, Sickness and Unemployment" cover will ensure that regular payment commitments are protected.
"Whole of Life" assurance gives you protection until you die, whenever that is (providing the premiums are paid). This is the kind of insurance that you need for funeral expenses, estate planning etc.
"Partnership and Key Man" assurance protects your company against the loss of a partner or vital employee.
"Business Cover" to protect the shareholders of a business.
For more information, please click here
Protection Subject Links:
"Term Assurance" provides protection for a set period. Ideal for Mortgage Protection for instance.