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None of us like to think of our own mortality, or that something could go wrong with our health, but there are many occasions in which it is sensible to take out cover against an unforeseen event.

Life Assurance

Life assurance provides protection against death, and enables someone to pay a regular premium that pays out a lump sum or regular income in the event of death.  This can be important to cover any loans that may be outstanding or to protect the remaining members of a family should the main breadwinner die, or indeed to cover the cost of childcare should the main carer die.

Many people choose to protect a potential tax liability, typically inheritance tax, with life assurance.

There are a number of different types of life assurance, which include:

  • Term assurance
  • Mortgage protection
  • Whole of life cover
  • Family income benefit

The most appropriate type of cover and amount of life assurance required will depend on individual circumstance.  If you would like guidance on what type and amount of cover is most suitable for you (and indeed whether you actually need cover) please click on the link below.

Critical Illness

Many people could suffer financial difficulties if they were to suffer a critical illness i.e. heart attack, cancer, stroke etc.  For example a mortgage may well be paid off from the proceeds of a life assurance policy in the event of death, but mortgage payments would need to be maintained in the event of a critical illness, and this may not be possible if someone is unable to work or has insufficient reserves of capital.

A critical illness policy enables a regular premium to be paid in return for a lump sum in the event of the policy holder suffering a critical illness.

Income Protection

Income protection provides protection against the inability to meet regular commitments in the event of being unable to work through illness or disability.  There is normally a deferred period, typically 13 or 26 weeks, of illness or disability before payments start, but then a regular income is paid until either the policy holder is able to return to work or the policy reaches maturity.  This enables regular outgoings such as mortgage payments and other bills to be met.

Contact us for help in deciding what types and amounts of protection are right for you »