Financial Protection

Protection for yourself, your family and/or your business. This can fall into various categories from Life Protection with or without Critical Illness Cover and also Income Protection.

Income Protection

Income Protection is an insurance policy that pays out if you’re unable to work due to injury or illness. Income Protection usually pays out until retirement, death or your return to work. Income Protection may not pay out if you’re made redundant, but will often provide ‘back to work’ help if you’re off sick.

Critical Illness Protection

Illness insurance policies don’t always cover every type of illness on top of this you may not be covered for certain illnesses which either you or a member of your family has had before. These are known as pre-existing medical conditions. Insurers will look at your family medical history and some policies will cover existing medical conditions but others will not. If your family medical history means that there will be conditions attached to you taking out the policy, your insurer should explain these to you before you sign up for the policy.

Term Assurance

Term Assurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active then a death benefit will be paid. Critical Illness cover can be added to most term assurance policies as well as a death benefit. Critical Illness Cover will pay out either on diagnosis of a qualifying critical illness or if you die (life cover) during the period of the policy.

Decreasing Term Assurance

Decreasing term life insurance covers you for a set term and pays out a lump sum if you die during the policy term. The amount of cover decreases over the term of the policy and is usually designed to tie in with the outstanding amount on your repayment mortgage. With some policies you can add on additional options, like critical illness cover. If you do add on critical illness cover, the plan will pay out either on diagnosis of a qualifying critical illness or if you die during the period of the policy.
*If adding Critical Illness Cover to any policy it is important to know that some life companies/policies don’t always cover every type of illness. On top of this you may not be covered for certain illnesses which either you or a member of your family has had before. These are known as pre-existing medical conditions. Insurers will look at your family medical history and some policies will cover existing medical conditions but others will not. If your family medical history means that there will be conditions attached to you taking out the policy, your insurer should explain these to you before you sign up for the policy.