You never know what’s around the corner, that’s why its so important to ensure that you and your family are protected financially. Here is an overview of the various types of life assurance/protection policies available on the market.
Term Life Assurance
Life Assurance policy for a fixed term or number of years, can be level of indexed. Maximum term is 40 years but you can choose a convertible option (guaranteed cover is not subject to underwriting).
Whole of Life Assurance
Life Assurance policy without fixed term or open ended, this can be a guaranteed or subject to review.
Life Assurance policy on a decreasing term, generally the term of the mortgage and whereby benefits decrease by currently 6% per annum.
Serious Illness Cover
Is a living benefit that will pay out provided you survive 14 days after contracting a serious illness as defined by the terms and conditions of the policy provider, can be with a life assurance policy or on a stand alone basis.
Multi-Claim Protection Cover
Is a Serious Illness Protection Cover designed to be easy to understand and to potentially payout multiple times over the lifetime of the policy - the policy can pay out 5% to 100% of the cover depending on the illness or condition.
Is a living benefit that will pay out on accident or illness after the deferred period, usually 13 or 26 weeks. This will provide 75% of income until claimant is able to get back to work.
Co Directors and Partnership insurance are Life Assurance policies put in place on an own life basis or life of another basis to protect your business in the event of premature death of one on the stakeholders - whereby proceeds of the policy go to the deceased estate and the equity is absorbed by the other stakeholders.
Key Man Assurance
Life Assurance policy protecting human capital in the form of key personnel or a key employee - replacing revenue generated In the event of sickness or death of a key person. In a situation where personal guarantees of loans by key person where given and need to be paid or cost of replacement of said individual.
Section 72 Relief
Life Assurance policy put in place to provide for the payment of Inheritance Tax.
Is a living benefit that provides cover for various hospital and medical expenses.
Life Assurance and Serious Illness Cover are so important. They can pay you or your family a lump sum if you were to become ill or die suddenly and provide a form of income replacement - just when they need it most.
Here at Future Proof Finance we can look after all of your life assurance needs and offer independent advice from a basic mortgage protection policy to a more extensive life cover including term assurance, serious illness cover and income protection policies.