Life insurance can provide peace of mind for those with children, partners, or spouses that depend on them financially, as well as people with a mortgage. 

​

Life insurance pays out a one time lump sum, in the event of the insured dying during the policy term. This would normally be used to clear the mortgage, meaning the monthly mortgage payments are no longer due.

Critical illness cover is a long-term insurance policy which covers specified illnesses. If you are diagnosed with one of these illnesses, a critical illness policy will pay out a one-off payment. This can help pay for your mortgage, rent, debts, or alterations to your home, such as wheelchair access, should you need it. 

Examples of critical illnesses that might be covered include: stroke, heart attack, and certain types and stages of cancer. What’s covered and what’s not, will be set out in the policy details so make sure you are fully aware of them. Most policies will also pay out upon total and permanent disabilities as a result of injury or illness. Some policies will pay out a smaller amount for less severe conditions, or if one your children suffers one of the specified conditions.

Income protection is a long-term insurance policy designed to help you if you are unable to work due to illness or injury. For most individuals your largest asset is your ability to earn. Calculating what you will earn over the remainder of your working life is often a staggering figure, and income protection protects exactly this. The policy would ensure that you still receive an income until you are able to return to work or retire.

​

Generally you would set your income protection policy to start paying out when your sick pay ends from your employer this way you are always receiving an income. This waiting period is referred to as a deferred period. The longer this deferred period is, the cheaper the monthly premiums will be. Income protection allows you to claim multiple times. Unlike life and critical illness policies this cover will only pay out while the insured individual is still alive.

Family income benefit is designed to pay a

regular income to your loved ones if you die. This is a form of life cover, however it usually does not pay out a lump sum. Typically this cover is designed to support an individual with an additional monthly income should one of the policy holders pass away. This can assist with maintaining a lifestyle, raising children and paying the household bills which one income may not be able to support. This cover would have a set policy term, for example until the youngest child is 21, and at such time the policy would stop paying out the monthly benefit.