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Life protection insurance which can include critical illness insurance

These policies are designed to make a payment which is the amount of the sum insured should your death if that occurs between the date of start of the contract and the date of the end of the contract. The difference between these dates are called the term of the policy These contract are not designed to make a payment when you die no matter when that is. Death has to occur during the term of the policy.

The terms available on this web site is from 1 day to usually 25 years but can be more if required.

The sum insured can be either level throughout the term of the policy, or it can reduce during the term of the policy if you so wish.  Having a reducing sum insured means that as you get older the amount that is payable reduces, and as such the premiums are normally considerably less expensive than if the sum insured remains level.

The policies with a level sum insured could be used for any of the following:-

1.Repayment of an interest only mortgage or other loan in the event of your death
2.Payment of inheritance tax due on a gift given but not outside the qualifying period

The policies with a decreasing sum insured could be used for any of the following:-

1.Repayment of a repayment basis mortgage or a loan which has capital repayments during it's term. As long as the interest rate on your mortgage does not exceed 12%pa the policy will guarantee to repay the outstanding amount of the loan, subject to no mortgage arrears
2.To cover outstanding school fees should you die before your children have completed their further education

Policies can also be set up to offer cover for short terms such as for a week or month. This can be useful for the following:-

1.Temporary cover whilst a long term policy is being underwritten
2.If you leave one company which supplies life cover as an employee benefit and move to another company doing the same, but there is a period between where neither scheme will pick up the cover
3.Cover for executives of companies during buyout operations or commercial mortgage applications
4.Cover for business trips

In many cases, we may be able to organize temporary cover whilst the underwriting process is underway, hence not holding up the transaction for the sake of a lack of life assurance cover.

Some policies can be set up to pay a benefit on the death of the first of two people. These are called joint life first death policies. This could be used to protect a mortgage where either of the two people would not be able to maintain the mortgage in the event of the death of the other.

On some contracts, for a small additional premium, it is possible to have the premiums waived if you are unable to work through accident or sickness. This is called waiver of premium.

Again on some contracts additional cover to include critical illness insurance is also available. This will mean that the sum insured (whether level or decreasing) will be paid not only upon death, but also upon the diagnosis of a critical illness. There are 40 plus illnesses included in the definition of critical illnesses, but as an example cover will include heart attacks, strokes, and the like. This cover will probably increase your premium by a factor of 2 to 4 fold. 

Press the personalized quotation link  here or in the left hand column for a full quotation.