Life and Critical Illness Cover


No one ever plans to get sick or die unexpectedly. We always think that it won’t happen to us, but the reality is that it could happen at any time. It’s not a fun subject to think about, but it has to be considered if you’re taking on a mortgage, or increasing your mortgage, as it’s such a life changing commitment. Mortgage life insurance policies have one clear objective – to help pay off an outstanding mortgage in the event of death, during the policy term. This means that your loved ones could continue to live in the family home even if you’re no longer with them, without worrying how they’ll pay the mortgage.

Life cover pays out a specified amount, usually during a predetermined period, if you die or are diagnosed with a terminal illness. This can be arranged as a stand alone policy or combined with critical illness cover. Critical illness cover pays out a tax free lump sum on diagnosis of any one of a range of specified illnesses including certain cancers, heart attack, stroke, brain tumour and many more. Life & Critical illness policies can vary greatly between different providers in terms of the number of critical illnesses they cover and what other benefits they offer, which is why the cheapest premium may not be the best option. In addition to the variations between providers, there are also a whole array of options giving an extensive range of different ways of arranging your life and critical illness cover. This can make it difficult to know what is most suitable for you, which is why it is best to take help and advice from a professional adviser. The types of cover include:

  • Level Term Assurance - Pays out a specified amount if you die within a selected period of years
  • Decreasing Term Assurance - Pays out a decreasing amount if you die within a selected period of years. The amount of cover would decrease in line with the mortgage amount on a repayment mortgage, or by a chosen percentage. This cover is cheaper than level cover.
  • Family Income Benefit - Pays out a series of regular tax-free lump sums that can be used as an income. The income is paid out when the person insured dies and is paid until the end of the policy term. The income can also be index linked so that it increases yearly to help counteract the effects of inflation.
  • Income Protection - Pays a regular tax free income if you are unable to work for medical reasons, a deferred period can be selected so that payments are received when needed, for example when an employer stops paying sick pay. The cover can be index linked and would continue until you either returned to work, died or the policy reached the end of its term, (usually age 65).

At Expert Financial we offer a whole of market insurance service. This means that we are not tied to any insurance provider, we will search a wide range of insurance companies for the best cover and cheapest premiums for your requirements. We will also give you all the help and advice you need to work out which type of cover is right for you.

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