Life Assurance

Designed to pay a lump sum in the event of death, ensuring that the mortgage debt is repaid in full and a crippling financial burden is not left to a surviving partner and/or dependents.

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Critical Illness Cover

This form of protection will complement your life cover. The big difference here is that the lump sum benefit is payable upon diagnosis of a list of pre-determined critical illnesses. With many people now surviving critical illnesses, it is crucial that the claimant is able to direct the sum assured to the areas deemed most appropriate. Examples include repaying all or part of the mortgage; cover for loss of earnings while convalescing; paying for renovations that may be required around the home; maybe taking a holiday when returned to health.

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Income Protection (Permanent Health Insurance)

Income protection insurance differs from critical illness cover in that the benefit is paid annually, and will continue to be paid until a pre-agreed point in time is reached, such as a return to work or retirement. On many occasions insurers will pay the benefit should you not be able to perform your own occupation due to illness or disability, but sometimes claimants are assessed on not being able to perform a prescribed number of ‘Activities of Daily Living’.

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When the benefit is paid is down to the individual policyholder. For example, if an employee is on full pay for three months after being signed off sick, he or she may choose a deferred period of three months or longer before the benefit kicks in.