Life Cover – Level Term Assurance
This is normally taken out as family protection, and is also often used in conjunction with a mortgage to provide life cover protection in the event of the death of the life assured during the term of the policy. Unlike decreasing term assurance the sum assured remains level throughout the term of the policy in line with your interest only loan.
Critical Illness
This is usually available as an addition to all term assurance plans but can be bought on a stand alone basis. Critical illness generally allows for the lump sum benefit to be paid in the event of diagnosis of certain critical illnesses, such as Heart Attack, Stroke, Transplant, Blindness, Total & Permanent Disability and so on. Most providers conform to the Association of British Insurers standards for qualifying illnesses and it is important that you fully understand the terms of each illness. Critical Illness can be provided on either a guaranteed or reviewable premium basis.
Income Protection
This would provide you with an income in the event of prolonged illness or incapacity. This would enable you to replace your lost income and ensure that your mortgage repayments continue to be made.
Mortgage Payment Protection ( Unemployment Cover).
This is designed to provide you with a regular income sufficient to meet your monthly mortgage repayments in the event of redundancy/sickness.
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