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Level Term Assurance

Affordable and flexible
Available on a joint or single life payable on first or second death
Pays out a lump sum benefit, normally tax free, if you die during the term
Add critical illness cover and the plan will pay out if you are diagnosed with one of the specific illnesses mentioned in the providers key features document, during the term
As with house and car insurance, the plan does not build a value at any time. Hence this is often the lowest cost option and presents good value for money
Typical uses can include; provide a set lump sum (that can be inflation protected) for the family, protect an interest only mortgage, business protection

A variation of Level Term Assurance
Typically, around 20% more expensive than level term assurance, this type of policy gives the assured the opportunity to change the policy into one giving permanent cover in the form of an endowment or a whole of life policy
Such permanent cover is granted without further evidence of health (provided the sum assured does not exceed that of the original policy)
If during the term of the convertible term policy, the life assured should experience health difficulties, permanent cover may be taken out quickly and easily
Typical uses can include; when it is recognised that life long cover is needed but financial constraints (growing family etc) may preclude the use of other alternatives. As an example one could effect a 20 year convertible term assurance to ensure protection is in place. If, ten years later, one has a heart attack, then the policy can be converted to whole of life providing life time protection with no need for medical evidence

A variation of level term assurance
The amount of cover decreases over the policy term
The premium stays level throughout the policy term
Add critical illness cover and the plan will pay out if you are diagnosed with one of the specific illnesses mentioned in the providers key features document, during the term
It is possible that conversion options may be added to the policy
Typical uses include; protecting a reducing debt such as a repayment mortgage, to cover the reducing inheritance tax liability following a gift (such a policy often is termed a ‘Gift Inter Vivos’ policy).

A variation of level term assurance
This type of policy is in effect a type of decreasing term assurance, where the sum assured is payable by instalments from the date of a claim until the original term expires
The sum assured reduces at a uniform rate
In the event of a claim, the value of the instalments payable may be exchanged for a lump sum
The amount of the lump sum will depend on interest rates at the time of the claim. It is possible to arrange such policies where the level of benefit increases at a pre-determined rate, thus providing some defence against inflation
Income instalments can be paid monthly, quarterly or annually
Typical uses include; to replace long term income through the loss of the primary family earner

With a whole of life policy, the sum assured is paid on the death of the policyholder, whenever death occurs
Unlike term assurance, it is a certainty that these policies will have to pay out
There is an investment element within the premium
After an initial period, a surrender value will build up, giving the policyholder additional options - encashment, policy loan, or making the policy paid-up
Although a cash value will build up, whole of life policies are unsuitable for savings purposes. There will be little or no surrender value payable for at least two years. For a number of years after that time the surrender value will almost always be less than the amount of premium paid
There are several types of whole of life policies with differing investment options, different risk levels and options to increase the investment element to provide the potential for a larger surrender value (not guaranteed)
Premiums are often guaranteed for an initial 10 years and reviewed every five years thereafter in line with the policy holder’s age and life expectancy. Reviews can be more regular once the policy holder exceeds age 70-75
No medical evidence will be required at the review date unless the sum assured is increased
Typical uses include; provision for inheritance tax liabilities, business protection, shareholder protection

An income protection insurance policy, previously known as permanent health insurance, is an income replacement policy, and comes into operation when income is lost as a result of long term illness or disability
Income is paid to the policyholder at the end of an initial waiting period, sometimes called a deferred period or an elimination period (usually 4,13,26 or 52 weeks)
Benefit is payable until the earlier of expiry of the policy term (usually age 60 or 65), the policyholder's return to work, or death
Polices can be established to provide income after other benefits such as from an employer cease
Benefits are limited so that the total benefits from all sources do not exceed a specified amount. Typically this is an amount between 50% and 75% of pre incapacity earnings. State incapacity benefits and sick pay from employers are included in the calculation and some insurers will include all sources of income. The insurer will also take into account cover under other similar policies such as that provided by employers
Typical uses include; provision for long term income to protect a mortgage or provide other income. A variation is also available for employers looking to provide benefits to employees or provide for the costs of replacing a Key Individual (contact us direct for quotes on this basis)

This is an income replacement designed to give you peace of mind should you be unable to continue providing an income due to redundancy or disability to cover your mortgage and mortgage related costs
It will provide you with a regular income if you become unable to work as a result of accident, sickness or unemployment. In addition, this type of policy only pays out for 1 – 2 years and the policy is renewable annually
The amount of benefit that is paid out it is linked to your mortgage or other loan payments