Life insurance is designed to pay out a tax-free lump sum or a regular income when you die within the term of your policy. It can be used to protect a mortgage or to leave an inheritance to your loved ones.
“Life insurance will protect your family’s financial future”
We would recommend placing your life insurance policy in trust, which means the lump sum will be placed in the right hands at the right time.
This is a policy that will pay out a tax-free lump sum should you be diagnosed with critical illness/serious illness, including the main 3 conditions which are most frequently claimed on: Cancer, heart attack and stroke.
It is important cover to have as this is the policy that will help you continue to meet your financial commitments and maintain your current lifestyle.
Some critical illness policy’s also give you the option for a small additional cost to add on children critical illness.
Income protections policy is designed to pay you a regular income once you are off work due to illness or disability until you are able to return to work. This can be used to cover your mortgage and other monthly commitments
This policy has a deferred waiting period before they are able to pay out, the longer the deferred period the lower the premium. So for employed people best knowing their employers sick pay options.
The premium will depend on age, health and level of income.