Life & Critical Illness Insurance
At first glance life insurance might seem a straight forward product. However, there are many different types of life insurance and many different forms. As with most insurance products it is wise to get advice on the most appropriate style of cover for your specific needs.
There are policies designed to run for a set term to cover your mortgage, protect your family, protect your savings, protect capital that has been gifted, or whole of life plans may be used to provide funds on death, whenever that occurs.
We can also advise on and arrange for life cover to be put in an appropriate trust to shield it from the tax man, if necessary.
Within the different types of cover, there are different styles, including cover that is level, decreasing, or increasing.
It may have options to increase cover in certain circumstances, or to extend it, or convert it into permanent cover. It may have guaranteed insurability options, provide terminal illness cover, or have a facility whereby the insurer will pay your premiums if you cannot work through ill health.
Life cover should be tailored to your precise needs, and not viewed as an off the peg solution.
Critical llness Cover
This type of cover is more complex than life cover, and is typically claimed on much more often. It is designed to pay out a lump sum on diagnosis of a critical illness as defined within your policy, and will typically cover over 40 life threatening illnesses.
It can also be set up to provide an income. The most common reasons for a claim are various forms of cancer, followed by heart attacks or heart complaints, then strokes.
Permanent & total disability may also be included, and some firms may cover less severe conditions, where they can pay out a partial claim. Some also include children’s critical illness cover, which can provide financial assistance to parents at what would be a difficult time.
Indeed the idea is that when serious ill health strikes, you are supported financially, and can concentrate on getting treatment and getting better, rather than worrying about money, losing your home, or any other consequences of being unable to work.
The style of cover can vary greatly, as with life cover, and it can be included with life cover, or set up as a stand-alone product. There can be big differences in the cover offered by different insurers, therefore the value of getting professional advice cannot be overstated. It is important to know that you have top quality cover that is tailored to your exact requirements should you ever need it.
You may have already insured your pet, your TV, your holiday, etc, but have you insured yourself, the most valuable asset of all?
For insurance protection we offer products from a wide range of providers
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