Life Insurance

Taking out a protection policy won’t be one of your most exciting purchases, but it will be one of the most important.

Whether it’s to cover a mortgage or your individual family needs, we will always advise on the best possible way to protect you and your family.

Life Insurance

Life insurance provides a lump sum pay out if the policy holder dies during the term of the policy or with many insurers is diagnosed with a terminal illness with less than 12 months left to live. It can be used to relive the financial burden, such as clearing mortgage balances and other existing debt, help with funeral costs or maintaining living standards for the surviving party.

Critical Illness

A Critical Illness policy provides a lump sum pay out if the policyholder is diagnosed with a specific medical condition during the term of the policy. Each provider offers a different list of qualifying conditions which can be up to around 50 illnesses.

Examples of Critical Illnesses that might be covered:

• Cancer
• Heart Attack
• Stroke
• Serious Accident
• Major Organ Transplant
• Kidney Failure
• Traumatic Head Injury
• Alzheimer’s Disease
• Parkinsons Disease
• Multiple Sclerosis

Exactly what’s covered by critical illness insurance will depend on the specific details of the life insurance that you take out, for example insurers will assess cancer in different types and stages.

Some policies include Children’s Critical Illness Cover and can cover your children until they are 21 this is also a tax-free payout.

What options are available for life cover?

Mortgage Protection

• Level Term Assurance – This is designed to pay out a lump sum to clear the mortgage balance, the amount of cover does not decrease over the term.

• Decreasing Term Assurance – This is designed for someone who has a repayment mortgage as it decreases in line with your mortgage balance.

Family Protection

• This is a Level Term Assurance policy which can be arranged to pay out either a lump sum or monthly amount to provide financial support to cover the cost of everyday living expenses

Income Protection

• This is designed to pay out a tax-free monthly benefit if you were unable to work due to accident or sickness. 

Whole of Life

• This is a type of policy that ensures that no matter when you die, your loved ones will receive a lump sum pay out, popular with Inheritance Tax Planning.

Key Person Cover

If you have a crucial member of your team, you can insure them against death, the payout would help the business through loss of financial earnings and cover a void period of employment until a suitable replacement is found.

Are there any additional benefits?

Whilst there is no cash-in value with life insurance policies, many provides offer additional free add-ons, such as:

• 24/7 access to virtual GPs
• 2^nd medical opinions
• Bereavement counselling
• Access to wellbeing apps
• Mental Health support
• Cancer care nurses
• Free therapy sessions such as acupuncture or physiotherapy

Can I put my policy in Trust?

Of course, and we recommend it. Setting up your policy into trust ensures that the proceeds of your claim would go straight to your beneficiaries without getting involved in capital gains tax or lengthy probate.