Term Insurances
Term insurances are the most basic form of life assurance.They are classed as Pure protection
insurance with no element of investment and is payable only if the death of life assured occurs
within a specified period of time, typically the term of the mortgage outstanding.
The main types of insurance available are:
- Level term insurance
- Decreasing term insurance
- Family income benefit
Level Term Insurance
- Fixed level of cover for a fixed number of years
- Typically used to protect interest only mortgages
- Can also be used to protect the main income provider dependants with a lump sum
Decreasing Term Insurance
- Provides a reducing level of cover for a fixed number of years
- Typically used to protect Repayment mortgages as it reduces with the line of the outstanding mortgages
Family Income Benefits
- Provides a fixed income over a fixed number of years
- Typically cheaper than Level term insurance as the total amount paid out by insurance company would be reducing during the term of the insurance
There are number of available options with the contract which can be discussed with our mortgage consultant.
Read the facts before you do want a Critical illness cover
- Every year 1 in 5 people are too ill to work for three months or more
- Approximately 7% of people within the U.K have critical insurance protection
- Critical illness cover will provide a tax-free lump sum payment on diagnosis of a range of specified illnesses,within the specified term
- It can help to protect your mortgage payments as well as ongoing bills and expenses
- There are number of available options with the contract which can be discussed with our mortgage consultant
This policy cover pays out an income when an accident or an illness prevents someone from earning from thier occupation:
- Payments commences after a deferred period of time. Typically deferred periods are 4,13,26,52 weeks
- Available for self employed people as well
- Typical maximum levels of income benefit are aroud 60% to 65% of total income
- There are number of available options with the contract which can be discussed with our mortgage consultant
