Life Term Assurance or Mortgage Protection Life Assurance
The term of the cover is set to cover a mortgage or life style. If you die during the term your insurer will pay the sum insured. If the policy is set up as a joint life cover then the sum insured is payable upon the first death. The policy ceases when a claim has been made or at the maturity date of the policy. The policy does not have a cash in value at any time.
Over 50’s plan and whole of life Assurance
Guaranteed Over Fifties Plans are becoming more popular because:
- Funeral costs are rising rapidly
- There is a desire to leave a small legacy for loved ones
- It can provide a safety net for the family against outstanding debt
- This is a whole of life policy.
Whole of life policies are also available to under 50’s.
Critical Illness
The sum assured is paid should the client be diagnosed with a critical illness within the definitions of the policy. Many policies also offer free cover for children.
Family Income Benefit
Similar to Life Term Assurance but the sum assured is a yearly or monthly income during the remainder of the term following death.
Income Protection
This cover provides an income should you not be able to work due to ill health.