Life Assurance - safeguarding your family and your future
So, your mortgage has been sorted out but what would happen if you lost your job, became ill or god forbid you or your partner died? How are you going to be able to meet your monthly mortgage repayments or pay off the balance outstanding?
You may want to consider how the following protection products could help safeguard your future;
Life assurance policies takes many forms;
Term assurance is designed to pay a lump sum if death occurs during the policy term. Cover like this can be used to pay off a mortgage or other debts in the event of death. Alternatively the lump sum can be used to provide an income for dependents should you die. Family Income Benefit plans can also pay out an income for a set period upon death. These plans have no cash in value at any time and will cease at the end of the policy term. If premiums are not maintained, then cover will lapse.
Critical illness although this cover is sold by life assurers, there is a big difference when compared with life insurance - you don't have to die to benefit from the Critical Illness insurance policy. This type of cover is designed to pay out a (tax-free) lump sum in the event of you suffering from certain types of serious illness or if you have to undergo certain types of surgery. Again Familty Income Benefit plans may also provide an income.Critical illness plans have no cash in value at any time and will cease at the end of the term. If you stop paying your premiums you cover may end. Plans may not cover all of the definitions of a critical illness. The definitions vary between product and providers and will be described in the key features and policy document if you go ahead with a plan.
Income Protection - also known as Permanent Health Insurance this cover is designed to pay you a regular tax free monthly income if you are incapacitated and unable to work due to illness or injury. The cover is typically written for a longer term possibly up to retirement date and differs to Accident, Sickness and Unemployment cover where the maximum term is usually only 12 months. Income Protection plans that have no investment link have no cash in value at any time and will cease at the end of the term. If you stop paying your premiums your cover may end.
We have sophisticated sourcing software that can obtain quotations from all the leading insurers meaning we will always find you the most competive policies on offer. Call or email us today to discuss your requirements.
Higginson Mortgage Services Ltd is an appointed representative of TenetLime Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetLime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.
Higginson Mortgage Services Ltd is registered in England and Wales under reference 06991945. Trading and registered address; 6 Llwyn Drysgol, Radyr, Cardiff CF15 8DN.
The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.