Income Protection

There are two main types of life assurance depending on the level of protection you're looking for - Term Assurance and "Whole of Life" Assurance.

Term Assurance: A lump sum if you die within a set period

A tax-free cash lump sum is paid to your dependents if you die unexpectedly during a specified term - for example, during the life of your mortgage or while your children are dependent. Choose either.

  1. Level Term Assurance: the sum paid will be the same throughout the period of the plan.
  2. Decreasing Term Assurance: the sum paid reduces over the term. This is often used to ensure that a reducing debt, such as a repayment mortgage, is repaid should the policyholder die during the term.

Whole of life - A lump sum when you die

This cover provides protection throughout your lifetime. A cash lump sum will be paid to your dependants when you die (so long as the premiums are maintained). Cover provided can be flexible as your needs change.

Critical Illness

This benefit will pay a tax-free cash lump sum if you're diagnosed as suffering from certain critical illnesses, ensuring that your finances at least remain in good health.

Income Protection

Income Protection Benefit is designed to provide you with a monthly income if you're unable to work as a result of long-term sickness or incapacity.

The amount you pay in premiums is related to the level of benefit you want, which is usually related to the amount you earn.

If you're a homemaker and don't receive a salary, or you work less that 16 hours a week you can still apply for income protection up to a certain level. This could help with the cost of looking after children in the event that you fall ill or have an accident.

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