Life Insurance and Protection Information
Life Insurance and Protection is taken out to protect your loved ones, your family and any dependents should the worst happen to you.
The Financial Conduct Authority does not regulate Trusts.
WPP Financial Services, Rochester, Medway, Kent, could help with this.
There are different options of life insurance and protection products that can be considered to help your family be protected and looked after in the future. There are differences between critical illness, income protection and life insurance and you may want to consider one or all of these.
You will need to consider your family, your lifestyle, bills and debts and your home e.g. mortgage and how you would be able to sustain these if you could no longer work.
You may already have some savings aside as contingency should an unfortunate event occur but life and protection products are an option too.
Life Insurance & Protection Products available
What is Critical Illness Cover?
Critical Illness Cover is a type of insurance policy that protects you financially should you be unfortunately struck down with a critical illness. The pay out usually occurs as a tax free lump sum to replace your income while you can not work and cover your monthly expenses, mortgage, bills and living costs. You will need to work out how much you would need to cover to finance your lifestyle should a critical illness result including bills, mortgage payments, rents and loan payments.
This cover can cover up to 40 to 50 different medical conditions that could result and teh list of these will be detailed in the policy. Some policies also cover your children should they suffer from an unfortunate critical illness.
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. The amount of cover is based on a percentage of your gross earnings and is suitable for both employed and self-employed people. There is no limit on the number of claims you can make and if you are never able to work again due to illness or injury, the benefit will usually be paid until the earliest of your selected retirement age or for the term of the policy if earlier.
What is Level Term Assurance?
Level term assurance is a type of insurance that pays out a cash sum if you are to suddenly die that can be used to pay off a mortgage and the premiums paid are arranged when you start the policy as well as the sum insured.
You also need to arrange with the insurance company the length of term you would like the policy for. If you do not die during the term arranged at the start then no funds will be released and you will need to take out a new policy.
A Comparison of Life & Protection Products
| Product | When does it pay out? | What should it cover? | How does it pay out? |
| Critical Illness | When you are struck down with a critical illness on the policy list | Your monthly expenses, mortgage, bills and living costs. | Usually as a tax-free lump sum |
| Income Protection | If you are incapacitated and unable to work due to illness or injury | A percentage of your gross earnings | A regular monthly income |
| Level Term Assurance | Should you suddenly die | Enough to pay off your mortgage | A cash sum |
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Critical Illness Cover | Level Term Assurance | Income Protection Insurance