Protection | Pensions | Mortgages | Savings & Investments | Corporate
Term Assurance
Term assurance or insurance as the two words are now interchangeable, is so called because the client purchases insurance cover for a specific term, e.g. 10 years. The policy will pay the sum assured, only on death or usually, on the diagnosis of a terminal illness.

Such policies are bought to cover a loan, e.g. a mortgage or replace lost income such as in the case of a young family, on the death of the breadwinner.

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Whole of Life Policies
More expensive than term assurance, these policies will always pay the sum assured as they cover the policy holder/s until death. They can be used to cover funeral expenses and also Inheritance Tax liability.
Critical Illness
Income Protection
There are several means by which you can replace a percentage of your income should you become ill and unable to work. It would not be sensible at all, to rely on state benefits if for example you have mortgage payments to make and you would receive limited or no help from your employer in such circumstances. For the self-employed with a mortgage, such cover is essential.
Critical illness policies are most commonly purchased with life cover and used as a mortgage protection policy. The actual sum assured will reduce broadly in line with your mortgage and therefore this decreasing term cover will be cheaper to buy than a level term policy.

Critical illness plans are not simple insurance policies and providers can offer different numbers if illnesses covered, as well as varying definitions of specific afflictions. Critical illness policies will pay the sum assured on diagnosis of a defined illness and not on the prognosis.