Life Protection

We tend to insure and protect all our possessions; however the key things we neglect to protect are our family, our health and our lifestyle.

The aim of life protection (or life assurance) cover is to protect you against the unexpected. It will provide money for people who financially depend on you. We need to consider the impact and consequences our death would have on the people most close to us.

There are various types of products available and each of these has unique features.  The different types of cover available are briefly explained below.

Term Assurance

You only get a pay-out within the ‘term’ of your policy. The pay-out you get is fixed from the start of the term until the end. Level term assurance then guarantees a known lump sum pay-out upon death within a fixed time.

Family Income Benefit

These policies are intended to meet the needs of parents with (or planning to have) children to offer protection in the event of their death(s). They provide for an income payable from the date of death until a fixed time in the future (e.g. the youngest child’s 18th or 21st birthday).

Whole of Life Assurance

These are policies that provide life assurance for the whole of your life (as opposed to Term policies that could last for any number of years. For example a Term policy could last 5, 10 or 25 years then finish). Whole of Life insurance guarantees to pay out in the event of death, whenever it occurs, generally as long as the premiums are paid. The premium you pay may also include an investment element which helps to pay for the cost of cover over time.

Critical Illness Cover

For many the financial risks of a serious illness or injury are more important (and likely) than death, as it may lead to loss of work, treatment and additional care costs etc. A critical illness policy will make a lump sum payment on diagnosis of defined “critical” illnesses, serious conditions or injuries. The covered conditions, and level of payment, vary greatly from policy to policy so it is vital to read the terms and conditions of each rather than simply choosing the cheapest.

Income Protection

Income Protection Insurance is designed to pay a regular tax free monthly income if you are unable to work due to illness or injury, but as defined by the terms of each individual policy.

Private Medical Insurance

Private Medical Insurance allows you to pay for the costs of private medical treatment, either by meeting the costs of private medical care or as a lump sum payment (depending on the specific policy). The specific medical conditions covered and the treatments available will vary depending on the insurance policy.

If you cease paying your premiums, your cover will be lost.

In respect of term related life and health policies there is no cash in value at any time.

Critical Illness Cover – The policy may not cover all definitions of a critical illness.  For definitions of illnesses covered please refer to the Key Features and Policy Documents.