The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased. With this in mind, it makes sense to periodically review your cover with the help of a professional financial adviser. This section provides helpful information on the different types of protection product available.
Critical Illness Insurance
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 lump sum in the event of you suffering from certain types of critical illness or if you have to undergo certain types of surgery as specified in the policy terms and conditions.
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. Its 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.
Whole of Life Assurance
Whole of Life Assurance is designed to pay out in the event of death, whenever it occurs. The premium you pay can include an investment element which helps to pay for the cost of cover over time. The cost of cover can be more expensive than term assurance, but there is usually a surrender value too.
Family Income Benefit
Family Income Benefit (FIB), a thoughtful insurance solution that not only safeguards your loved ones but also provides a continuous lifeline of financial support.
Accident Sickness & Unemployment Cover
Accident Sickness & Unemployment (ASU) cover, a comprehensive solution designed to safeguard your financial stability during unforeseen challenges.
Decreasing Term Assurance
Decreasing Term Assurance, a strategic insurance solution designed to align with the decreasing balance of specific financial obligations over time.