Life Insurance
Life Insurance pays a lump sum to your partner, spouse, family or loved ones if you become terminally ill or pass away during the term of the policy.
- A term assurance policy provides cover for a set period of time (usually between 10 and 40 years) at the end of the term the policy simply expires. This type of policy is typically cheaper than a whole of life policy and is ideal for covering temporary expenses like a mortgage, though you do need legally need a term assurance policy to obtain a mortgage.
- A whole of life policy provides cover for your entire life and provides a death benefit when you pass away. This is designed for life-long needs such as estate planning and final expenses.
Income Protection:
Income Protection Insurance pays you a monthly benefit if you’re unable to work due to injury or illness. The policy makes a series of consecutive payments which act as a regular income until you have recovered enough to return to work, or until your policy ends.
Income protection is not designed to be an income replacement policy but provides a monthly amount enabling you to maintain payment of your essential monthly outgoings and reduce the risk of you loosing your home.
An income protection policy does not cover redundancy.
