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1. Income Protection Cover
How would you and your family cope financially if you were unable to work because of illness or accidental injury?
Did you know, in February 2009, there were over 2 million incapacity claimants who were unable to work due to illness or injury?
You might think it won't happen to you, but if you were in this situation how long could you afford to pay your mortgage/rent payments, household bills, children's school fees, mobile phone and satellite TV payments, or save for those luxuries in life?
Bills continue to arrive, even when we are very sick and have lost our income. Even those of us who have savings to call on may struggle, as they might not last long when surviving on Government benefits.
The money you maybe entitled to from the Government may not be as much as you might expect. Following Government reform of the State Welfare system, claimants now undergo a much stricter and comprehensive medical test to determine if they are eligible to receive any benefits, and if so how much.
Income Protection can provide you with a regular income if you are off work because of illness or accidental injury during the cover term.
When you take out the plan, you choose how soon after becoming ill or injured your payments will start in the event of a claim, known as the deferred period.
2. Mortgage Payment Protection Insurance
How would you continue to meet your mortgage repayments if you were unable to work
due to an accident, sickness or unemployment? We all work hard to afford to buy our
own home, which is arguably our most expensive and valuable asset. An accident, sickness,
disability or unemployment can happen to anyone at any time. MortgageProtector is
our Mortgage Payment Protection product, designed for new mortgage and re-
3. Level Term Life Insurance
Level Term Assurance is life assurance that pays out a set amount if you die within the term of the policy.
Level Term Assurance is usually used to cover fixed repayment values; for example, an interest only mortgage where the amount you owe remains the same until the end of the mortgage, or to provide a sum to your family to help support them until they can become financially independent without you.
When a term assurance policy expires, it has no value. This means that if you do not die within the term, you will not receive any money back.
4. Mortgage Decreasing Life Assurance
Mortgage Decreasing Life Assurance is used to cover a repayment mortgage where the amount you owe reduces as you repay it.
The premiums won’t change during the lifetime of the policy but the amount that will be paid when you die will reduce starting from the amount of cover you specify, and ending at zero by the end of the term.
When a Decreasing Term Assurance policy expires, it has no value. This means that if you do not die within the term, you will not receive any money back.
5. Critical Illness Cover
Critical Illness Cover is assurance that pays out if you are diagnosed with an illness specified within the policy. It is designed to help you adapt if your life is changed by an illness.
The illnesses covered by each policy will differ, so it is important to read the full details of the plan you are considering. The following illnesses are typical:
• Blindness – permanent and irreversible;
• Cancer – excluding less
advanced cases;
• Coma – resulting in permanent symptoms;
•
Deafness – permanent and irreversible;
• Heart Attack – of specified
severity;
• Kidney Failure – requiring dialysis;
•
Stroke – resulting in permanent symptoms.
Insurers may also exclude some illnesses because you already have them, or are likely to get them because of your health or lifestyle. The premiums are often reviewable, meaning they may change during the term of the policy; although, some providers offer fixed premiums that are guaranteed not to change.
Critical Illness cover is not designed as a replacement for your income.
6. Decreasing Critical Illness Cover
Critical Illness Cover is assurance that pays out if you are diagnosed with an illness specified within the policy. It is designed to help you adapt if your life is changed by an illness. The illnesses covered by each policy will differ, so it is important to read the full details of the plan you are considering. The following illnesses are typical:
• Blindness – permanent and irreversible;
• Cancer – excluding less
advanced cases;
• Coma – resulting in permanent symptoms;
• Deafness
– permanent and irreversible;
• Heart Attack – of specified severity;
•
Kidney Failure – requiring dialysis;
• Stroke – resulting in permanent symptoms.
•
Stroke – resulting in permanent symptoms.
Insurers may also exclude some illnesses because you already have them, or are likely to get them because of your health or lifestyle. The premiums are often reviewable, meaning they may change during the term of the policy; although, some providers offer fixed premiums that are guaranteed not to change. Critical Illness cover is not designed as a replacement for your income.
7. Family Income Benefit
Life cover which pays your dependents an annual income following your death, for the remainder of your selected plan term.
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