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.
Critical Illness Insurance
This type of cover can pay out a (tax-free) lump sum on the diagnosis of certain life-threatening or debilitating illnesses, or if you have to undergo certain types of surgery.
Income Protection Insurance
Income Protection Insurance is designed to pay you a regular tax-free monthly income if you become unable to work due to illness or injury.
Life Insurance
Life Insurance (sometimes known as Life Assurance) helps provide financial security for people who depend on you, should you die.
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 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.
What is Income Protection Insurance?
Income Protection Insurance is designed to pay you a regular monthly income if you are incapacitated and unable to work due to illness or injury.
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 dependants need not worry about repaying the mortgage if you die.