Life insurance

Life insurance allows you to leave money behind for your partner and family if you die. The insurance company agrees to pay out a tax-free lump sum to the beneficiaries of the policy in return for receiving regular premiums from the policy holder. It is designed to provide financial security for your family should the worst ever happen within the term of the policy. Family Income Benefit (FIB), like term life insurance, runs for a set term with the aim of providing a regular tax-free monthly income in the event of the death. This differs from level term insurance where a lump sum is paid on death. FIB is designed to replace the income of the main breadwinner and is especially important for those that have young families and want to ensure that the school fees, household bills and everyday expenses are all taken care off if they are no longer around.

Mortgage protection

Mortgage protection, also known as Decreasing Term Assurance, is used to pay off your mortgage should you die during the term of the policy. Unfortunately, what often happens when the main breadwinner unexpectedly dies is that a huge debt burden is left on the surviving spouse. With only one income remaining and children to raise, the surviving spouse either has to sell the family home downsizing to an undesired location or face the risk of having the property repossessed. Mortgage protection guarantees your family gets to keep the home in the event of your death or a terminal illness.

Critical illness cover

Critical illness cover pays out a tax-free lump sum on the diagnosis of a range of conditions such as cancer, heart attack, multiple sclerosis, and many others. The conditions will vary from insurer to insurer. Critical illness is sometimes taken out with life insurance as an add on, however, it can also be bought as a standalone policy. The pay-out on a policy is usually to cover the cost of treatment, drugs, and rehabilitation. The NHS is under immense pressures with waiting lists getting longer and longer, many people are now taking matters into their own hands when it comes to ensuring they have funds available to get treatment privately.

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