You don't have to die to benefit from a Critical Illness policy.
This type of cover is designed to pay out a lump sum in the event of you suffering from certain types of critical illness or if you have to undergo certain types of surgery as specified in the policy terms and conditions.
Income Protection Insurance is designed to pay you a regular monthly income if you are incapacitated and unable to work due to serious illness or injury.
It's term assurance, because you only get a payout within the set 'term' e.g. 15years. Its level, because the payout you get is fixed from the start of the term until the end.
Level term assurance therefore guarantees a known lump sum payout upon death within a fixed time e.g. £160,000 if you die within the next 15 years.
Mortgage Life Assurance is designed to pay off the remaining mortgage debt on repayment mortgages if you die within a set period. It ensures your dependants need not worry about repaying the mortgage if you die.
Whole of Life Assurance is designed to pay out in the event of death, whenever it occurs. The premium you pay can include an investment element which helps to pay for the cost of cover over time. The cost of cover can be more expensive than term assurance, but there is usually a surrender value too.
The most common reasons for setting up a protection policy:
You don't buy life assurance because you are going to die, but because those you love are going to live.
Haven Global Strategies Limited
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Haven Global Strategies Limited is a company registered in England & Wales no. 07661911.
Haven Global Strategies Limited is authorised and regulated by the Financial Conduct Authority (FCA), no. 844313.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.
Our Director, Mark Andrew Tarry is a member of The Personal Finance Society and the Chartered Insurance Institute.
The Financial Conduct Authority does not regulate Trusts, Will Writing and Tax Planning.
Haven Global Strategies Limited is associated to Haven Protect Limited, which too is regulated by the FCA, along with Haven Accountancy & Tax Planning Limited.
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