Peace of Mind for You and Your Loved Ones
We believe that protecting yourself and your loved ones against unforeseen financial shocks is an integral part of your Lifetime Financial Plan, and protecting family income plays a big part in that.
Having said that, there is a dizzying array of life insurance and income protection insurance products in the marketplace, all designed with a specific purpose in mind, and without expert impartial advice it can be a daunting task to figure out which form of income protection insurance is right for you and your family.
Different Types of Family Protection
Below is a brief summary of the types of income protection insurance that we can advise you on. For a more in-depth and technical explanation on the type of cover please click the button included after each summary.
A general term used to describe an insurance policy which will pay a lump sum or a continuing income in the event that the policy holder passes away.
Term Life Insurance
A type of insurance policy that protects the family for a specific period of time, usually until all dependents are grown up and financially self sufficient or until debt is paid off.
Convertible Term Life Insurance
This is an ideal type of policy if you are unsure how long you want the protection cover to last. It can be easily converted to a new policy before the plan reaches its end date, irrespective of your medical condition at that time.
Mortgage Protection Insurance
This is designed to ensure that, in the event that you pass away your mortgage debt will be paid off.
Income Protection Insurance
Income protection insurance ensures continuity of up to 75% of your income in the event that you become unable to earn a living through injury, disability or illness.
Serious Illness Cover
Will pay out a lump sum in the event that you are diagnosed with a specific illness listed in your policy. This type of cover can also be combined with most types of Life Insurance. Many of the most common illnesses are covered in these plans.
Whole of Life Insurance
Unlike term/convertible term life insurance, there is no fixed end date with Whole of Life Insurance, i.e. it continues for as long as the policy holder lives. This type of policy is often used to leave a cash gift for your loved ones when you eventually pass away or to cover inheritance tax.
Business Protection Insurance
Designed to protect a business (or the family of a business owner) in the event that an Owner, Shareholder, Director, Partner or Key Employee dies or becomes unable to work through illness or disability.
The different types of Life and income protection insurance policies can be mind boggling for the non-professional, making it very difficult to make the right choice without expert impartial financial advice.
If you feel you need that expert advice then don’t hesitate to contact us and we will guide you along the route to ensuring your family has the most suitable protection in place.