Life Cover

What is it?

Life cover pays out a lump sum if the person insured dies. You normally take life cover for a set number of years and you agree the term of the policy at the outset. Most people tailor their policy to ensure that their financial commitments would be met in the event of their death, so policies are often aligned with the term of a mortgage or other loan.

What you need to know

We recommend life cover for most people who have a mortgage. If you have a family, you may also consider life cover to protect you whilst the children are growing up, so that if something happened to you then your family are protected. With life cover, the policies will potentially pay out for a set period of time and will cease either on cancellation or on the expiry of the overall chosen term itself.

PROTECTION PLANS WITH NO INVESTMENT ELEMENT WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED THEN COVER WILL LAPSE.

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    Critical illness Cover

    What is it?

    Critical illness cover pays out a tax-free lump sum if you are diagnosed with a major illness, including cancer and heart disease. Actual illnesses covered in a policy may vary between providers.

    What you need to know

    Many people buy a combined life and critical illness policy, and it makes sense to do so. In this case, a payment would be made on either diagnosis of a critical illness, as defined in the policy, or death, whichever is the sooner. If the cover is combined in this way, the policy premium is usually cheaper than it would be for separate policies, as there is only ever one lump sum paid out by the insurance company.

    CRITICAL ILLNESS PLANS MAY NOT COVER ALL DEFINITIONS OF A CRITICAL ILLNESS. THE DEFINITIONS VARY BY PROVIDER AND WILL BE DESCRIBED IN THE KEY FEATURES AND POLICY DOCUMENT IF YOU GO AHEAD WITH A PLAN.

    Mortgage payment protection

    What is it?

    Mortgage payment protection policies are designed to cover the cost of your mortgage payments, if you’re sick, have an accident or with some providers, become unemployed and can’t work.

    How it works

    Generally, the policy will start paying out either 31 or 60 days after you are unable to work. Most policies will pay out for a maximum of one year.

    What you need to know

    With statutory sick pay set at just £96.35 per week (applicable from 6th April 2021) and only payable for up to 28 weeks, many families would struggle to meet their mortgage payments, if disaster were to strike. The amount payable under the policy is usually around £2,000 – £2,500, so if you have a large mortgage, you will need to consider how you would cover any shortfall. In the event of a claim, you can choose the date from which the policy would pay out (the deferred period) and this can range from a month to up to a year. Policies that pay out sooner (shorter deferred period) will have a higher premium.

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