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Cancer Research UK
For every online life insurance application that completes we will make a £10 donation to Cancer Research UK
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Life Insurance Protection
Its not a particularly pleasant thought planning for your premature
death. However, if you have dependants, its essential. Life
insurance is designed to do one of two things: replace lost income
for dependants or provide a capital sum to repay liabilities. So
what are some of your options?
Term life insurance policies guarantee to cover you over a fixed term,
specified at the outset. Decreasing term life insurance is usually used
in connection with a repayment mortgage. Family income cover pays
out as a regular income, which is continued through until the end of
the term. Whole of life assurance guarantees to pay out a lump
sum on your death whenever this occurs.This type of life assurance can also be used as a vehicle to
plan for inheritance tax mitigation.
Critical Illness Protection
Critical illness protection is an insurance that pays out on the diagnosis of
certain specified critical illnesses. The illnesses covered vary
from policy to policy, but they usually include specific forms of the following six core conditions:
cancer, heart attack/coronary bypass surgery, kidney failure, major
organ transplant, multiple sclerosis and stroke. Generally within 14
days of a specified illness being diagnosed (although this does vary
depending on the particular provider), you would receive a tax-free
lump sum payment.
The financial consequences of not having critical illness protection
could be significant. Calculate the size of your outstanding
mortgage, liabilities and other financial commitments. Would you be
in a position to repay them if you were diagnosed as suffering from
a critical illness, or do you have a shortfall?
Permanent Health Insurance (PHI)
For most of us, our income funds everything. If it ceases, everything
else stops, so how do you ensure its continuation? The answer is
PHI, also now known as Income Protection Insurance. This is a form
of protection that pays out a regular amount if you are unable to
work because of sickness, accident or disability.
PHI can replace a percentage of your income, less any state benefits and
cover provided by your employer. The payments are paid tax-free and
commence after a period that you specify. You can also decide
whether, in the event of a claim, you require the benefit payment to
remain level or to escalate annually.
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