Life Insurance

Life Insurance/Mortgage Protection

Life Insurance is the foundation of most personal protection plans. It provides a lump sum payment (known as a death benefit) to your beneficiaries if you pass away, or in some cases, if you are diagnosed with a terminal illness during the policy term. One of the most common uses for this type of cover is Mortgage Protection, where the insured amount matches your outstanding mortgage balance, ensuring your family can pay off the debt should the worst happen.

However, Life Insurance isn’t limited to covering your mortgage. It can also provide financial support for your family’s future needs, such as education costs, living expenses, or a savings buffer to help them maintain their lifestyle. Policies can be structured for a specific term or designed to reflect your financial commitments. As your circumstances change – for instance, when your mortgage is paid off or your children become financially independent – your policy can be reviewed and adjusted accordingly.

Critical Illness Cover

Critical Illness Cover is often added to a Life Insurance policy to provide an additional layer of protection. While Life Insurance offers support to your loved ones if you pass away, Critical Illness Cover protects you during your lifetime if you’re diagnosed with a serious medical condition listed in your policy.

If you’re diagnosed with a covered illness, such as certain cancers, heart attacks, or strokes, you’ll receive a tax-free lump sum that you can use however you need – whether that’s paying for private medical treatment, covering household bills, or funding adaptations to your home while you recover. Modern medicine means more people than ever survive critical illnesses, but recovery can bring lasting challenges, including reduced income or long-term lifestyle adjustments. Having Critical Illness Cover gives you financial breathing space so you can focus on your health and recovery instead of worrying about money.

Unlike Income Protection, this type of cover pays a one-off lump sum rather than monthly payments. Once the benefit has been paid, the policy usually ends, though this depends on your individual terms.

Income Protection

Income Protection is considered one of the most comprehensive forms of financial protection available. It is designed to replace part of your income if you’re unable to work because of illness or injury. The policy pays a monthly, tax-free benefit after an agreed waiting period (usually between four weeks and a year) and continues until you return to work, retire, or, in some cases, pass away.

While Income Protection doesn’t replace your full salary, it typically provides between 50% and 70% of your earnings, helping you maintain financial stability while you recover. This cover applies to a wide range of medical conditions and injuries and is particularly valuable for households that rely heavily on a single or main income. It ensures that your everyday expenses, mortgage payments, and bills can still be covered even if you’re temporarily unable to work.

Family Income Benefit

Family Income Benefit is a form of term life insurance that pays your beneficiaries a regular, tax-free monthly income rather than a lump sum if you die during the policy term. It’s designed to help your family maintain their standard of living by replacing your income for a set period, making it easier to manage day-to-day expenses and plan for the future.

For example, you might choose a policy that pays £3,000 per month until your youngest child finishes their education. If you were to pass away five years into the policy, your family would continue receiving this monthly amount for the remaining years of the term. This makes Family Income Benefit particularly suitable for parents who want to ensure their children and partner are financially supported until they reach financial independence.

Because the total payout potential reduces over time, premiums for Family Income Benefit are often lower than for level-term policies. It’s an affordable and practical way to provide steady, predictable financial support for your loved ones.

Whole of Life Cover

Whole of Life Cover, also known as Lifetime Assurance, provides permanent life insurance with a guaranteed payout, no matter when you die. Unlike term policies, which expire after a set period (usually up to 90 years of age), Whole of Life Cover continues indefinitely as long as premiums are paid.

This type of policy is often used for estate planning, inheritance tax purposes, or to ensure that funeral and end-of-life expenses are covered. Because it guarantees a payout, premiums are higher than for standard life insurance, but the assurance that your family will receive a benefit no matter what can make it a valuable long-term investment. Some policies also offer index-linked benefits, meaning the payout can increase over time to keep up with inflation.

Private Medical Insurance

Private Medical Insurance (PMI) allows you to access private healthcare for consultations, tests, and treatments without having to wait for NHS appointments. This type of plan provides peace of mind that you can see the best specialists and receive treatment quickly in comfortable private facilities.

PMI policies can be tailored to your needs, whether you want basic inpatient cover or a more comprehensive plan that includes outpatient treatments and therapies. You’ll usually have the freedom to choose your consultant and hospital, and many plans include access to new or advanced drugs that might not be available through the NHS.

Private Medical Insurance can be arranged on an individual basis or through a company scheme. Corporate or group policies often offer more competitive rates, and for businesses, premiums can sometimes be offset against corporation tax liabilities, making it a financially efficient employee benefit.

Why Having the Right Protection Matters

No single policy can cover every risk, but together, these different forms of protection create a comprehensive safety net. When combined, these policies offer complete protection for you and your family – covering your income, health, and long-term financial wellbeing, whatever life brings.

Call us today

01435 583 584

or complete our enquiry form

Personal Protection Policies