Life and Protection Insurance Information
The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased. With this in mind, it makes sense to periodically review your cover with the help of a professional financial adviser. This section provides helpful information on the different types of protection product available.
The Financial Conduct Authority does not regulate Trusts.
WPP Financial Services, Rochester, Medway, Kent, could help with this.
It’s a sad fact that whilst most of us are quite happy to insure our car, our house and our travel arrangements to their full value, few of us take quite as much care over our health and loved ones. This guide will assist you in considering your own situation.
What is Critical Illness Cover?
Although Critical Illness cover is sold by life assurers, there is a big difference when compared with life insurance – you don’t have to die to benefit from the Critical Illness insurance policy. This type of cover is designed to pay out a lump sum in the event of you suffering from certain types of critical illness or if you have to undergo certain types of surgery as specified in the policy terms and conditions.
What Is Mortgage Life Assurance?
Mortgage Life Assurance is designed to pay off the remaining mortgage debt on repayment mortgages if you die within a set period. It ensures your dependants need not worry about repaying the mortgage if you die.
What is Income Protection Insurance?
Income Protection Insurance is designed to pay you a regular monthly income if you are incapacitated and unable to work due to illness or injury.
Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk
What is Level Term Assurance?
The name says it all. It’s term assurance, as you only get a payout within the set ‘term’ e.g. 18 years. Its level, because the payout you get is fixed from the start of the term until the end. Level term assurance thus guarantees a known lump sum payout upon death within a fixed time e.g. £150,000 if you die within the next 18 years.
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