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Life Insurance & Critical Illness | Clevedon | Somerset 2017-09-07T10:24:09+00:00

Life Cover

Life insurance is fairly simple with a few options. It does what it says on the tin and pays out a lump sum should you die within the term of the policy. These policies can be taken individually or as a joint policy with a partner paying out only once. The premiums depend on many factors such as age, length of policy, health of an applicant and if you are a smoker.

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DECREASING TERM INSURANCE

Designed to pay off a repayment mortgage or loan throughout its term.

Upon death the payout will be enough to repay the mortgage but will leave no extra to help with other expenses.

LEVEL TERM INSURANCE

Designed to pay off an interest only mortgage or as a lump sum for whatever purpose. More expensive than a decreasing term policy but will pay out a set amount however long the policy has been in force.

WHOLE OF LIFE INSURANCE

A policy that pays out upon death whatever age you are. As it will always pay out at some point these policies are more expensive than term assurance where the term of the policy is limited. However these types of policies can be used for long term financial planning including inheritance tax liabilities that you do not wish to pass on to your estate beneficiaries.

Critical Illness Cover

Critical illness insurance policies are designed to pay out a lump sum on diagnosis of a specified critical illness. These policies can be taken out in the same way as life cover. Either decreasing or level term.

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The critical illness policy can be taken out purely on its own or as part of a life cover policy. With a joint life and critical illness policy you will be covered for both events but paid out upon the first event only.

The lump sum can be used for any purpose you like including private medical treatment or even alterations to your home if required. Cover from one provider often differs from another so it is important to ensure you understand what is and is not covered.

Having access to the different critical illness providers we are able to talk you through the list of illnesses covered by each individual provider.

Some of the options available:

  • Children’s cover
  • Part payments for less serious illnesses
  • Increasing cover