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Protection: Life, Income Replacement and Critical Illness
A mortgage is one of the biggest financial commitments and so it makes good sense to protect it, and indeed your other family needs, to ensure payments can be maintained should anything happen to you.
There are 3 main types of protection policies. Each of these is specifically designed to protect different eventualities. They can be summarised as the following:
Life
The purpose of any policy that pays out upon death is to ensure that surviving dependants receive a sufficient cash sum to enable them to maintain an adequate standard of living. Cover should, as a minimum, cover your outstanding mortgage, plus any other lump sum liabilities (i.e. personal loans, credit cards etc). A Term or Reducing Term policy is usually the cheapest way of providing this.
Click here for a Life Insurance quote
Critical Illness
Critical illness policies pay out a cash sum if you suffer from a serious illness, like a heart attack, stroke or cancer. The aim is that the payout should ease any financial worries that you might face. Ideally the policy would at least cover the mortgage, however even a much smaller and more affordable amount can still provide great assistance, for instance providing cash for a period off work or for private medical costs.
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Income Replacement
Should you lose your ability to work you would still require an income in order to meet your regular living expenses. Income replacement cover providessuch a regular monthly income if you are unable to work. The benefits would normally continue until you return to work or reach your retirement age.
Do you already have cover?
If you already have life cover in place, we may be able to save you money or give you more cover than you presently have - for the same price.
The cost of life cover has dropped in recent years, so it is always worth asking us to do a free no obligation review of your cover. We will conduct a thorough search of the market, then recommend the best way of meeting your protection needs.
Click here for a quote
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