Protecting your Income

Life insurance

Covers you against: Death or terminal illness

Benefit paid: Lump sum

Level Term Assurance: This type of policy is where the amount of cover, which is also known as the ‘sum assured’, remains at the same level through the length of the policy. This type of policy is often taken out to help pay off a mortgage and is most suited to interest only mortgages, where the amount owed does not decrease over time.

Decreasing Term Assurance: Again this policy pays out a cash lump sum in the event of death, but the amount of money paid out decreases over time. These policies are a good fit when taken out alongside a repayment so the premiums are typically cheaper than they are for level term assurance.

Critical illness insurance

Covers you against: Critical Illness

Benefit paid: Lump sum

Critical illness insurance provides you with a tax free cash sum in the event you are diagnosed with one of a list of common defined critical illnesses. Critical illness, life insurance, can be a fixed lump sum or can decrease in line with your mortgage.

Family income benefit

Covers you against: Death or critical or terminal illness

Type of benefit: Regular income

Family Income Benefit pays out in the event of death, but instead of a one-off lump sum of cash, it pays a regular, tax-free income until the end of the policy term.

Income protection

Covers you against: Illness or Injury

Type of Benefit: Regular income

In the event of an accident or sickness income protection insurance pays out a monthly income to cover a portion of your salary.

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