LIFE AND CRITICAL ILLNESS

Life assurance, also known as term assurance, provides a fixed lump sum if you should die at any time during the policy term. If incorporated with critical illness cover then a lump sum payment will be made upon death or diagnosis of a critical illness (as identified on the respective life insurers’ Key Features document).

You can choose the number of years you wish the policy to run or your age at which the policy ceases. The premiums you pay can be reviewable, normally every 5 years, (which are usually cheaper in the short term, but likely to increase upon renewal) or guaranteed not to change during the policy term (more expensive initially, but in the long term, cheaper, as premiums do not increase).

You can choose either level or decreasing cover. Level cover means that the level of cover is fixed over the plan term and will not reduce, suitable for interest only mortgages but also available for repayment mortgages. Decreasing term life cover means that the cover reduces over the term of your plan in line with the capital outstanding on your repayment mortgage.

The scope of our advice is limited to protecting your mortgage. The policies we sell are non-investment based and have no cash value at the end of the policy term or if redeemed during the policy term.

Our panel of 11 life and critical illness insurers are as follows: