Reduce your costs and improve your cover
Life Insurance
Critical Illness
Income Protection
Keyman Cover & Other Business Protection
The Different Types Of Plans
Life insurance is a financial product that enables you to leave behind money for your family when you die.
This can be used to support them for a number of years, to replace lost income, or to pay off a large debt such as your mortgage.
You pay a monthly premium for life insurance. Your age, health, lifestyle and how much cover you need, as well as the type of policy you have, will all determine how much you pay.
Critical illness cover is a type of insurance that pays out a tax-free lump sum if you’re diagnosed with, or undergo surgery for, a critical illness that meets our policy definition during the policy term.
Income protection is an insurance policy that pays out if you’re unable to work because of injury or illness.
Income protection usually pays out until retirement, death or your return to work. Short-term income protection policies are also available at lower cost, which last for one or two years.
Neither income protection or short-term income protection pays out if you’re made redundant – but they may provide ‘back to work’ help if you’re off sick.
A large number of businesses would not survive without their key members of staff, and if one of these key people were to pass away or fall critically ill, then it could cause the business to fail. Keyman insurance is essentially a life insurance policy that is purchased by a company on a key staff member’s life. The business will be the beneficiary for the plan and pay the monthly premiums, and if that key person in the company passes away, then the company will receive the insurance payout.
This payout is designed to help keep the business running after the death of a crucial member of the team. It can reduce the impact of lost profits, debt repayments and the cost of replacing a crucial staff member.
The importance of business protection is often overlooked. It helps business owners plan for the unexpected by providing cover to ensure the business can continue with minimal disruption following the loss of one of their key employees or one of the business owners through death, critical illness, temporary disablement, ownership protection and company share protection.
It covers Limited companies, Limited Liability companies, Limited Liability Partnership, Sole Traders, and Partnerships.
Variations To The Different Types Of Plans
Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid.
Whole-of-life insurance is a type of life insurance that will pay out when you die, no matter what your age is as long as you have maintained your monthly premiums.
Whole-of-life insurance is generally a more expensive form of life cover than term life insurance or family income benefit insurance, for the simple reason that insurers know they will definitely have to pay out some money at some point.
You must ensure that you can afford the premiums, not only during your working life but also once you retire. If you fail to keep up with your premiums, the cover will be cancelled.
With a Level Term policy, the sum assured remains the same for the term of your policy. For example, a £100,000 policy that runs for 20 years, will pay £100,000 whenever the claim is made within the 20 years.
There is a fixed amount of insurance, agreed when the policy is taken out.
If you die during the term of the policy, your family could receive a cash sum that can be used to cover everyday living expenses, childcare costs or help pay the mortgage.
This could be perfect for those who want to help make sure their loved ones are financially secure.
With a Decreasing Term policy, the sum assured reduces roughly in line with the way a repayment mortgage decreases, as it’s designed to help protect the repayment mortgage.
This option could be perfect for those who want to help make sure a repayment mortgage is paid off, if they were to die during the policy term.
A waiver of premium rider can be added to an insurance policy. It is a clause that waives premium payments if the policyholder becomes critically ill, seriously injured, or disabled. Other stipulations may apply, such as meeting specific health and age requirements. Policyholders may want to purchase a waiver if they are concerned about making payments to cover the premium if they are injured and unable to work, for example.
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Please note that for the types of insurance plans mentioned on this page, the following applies:
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- They will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
- The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents
