Life Protection Products

Term Assurance

A term assurance policy is an ideal and cost effective way of providing financial security for members of your family on your death.

You decide on the duration and level of the cover and pay a premium, (usually monthly), to your chosen assurance provider. If you die within the period of the contract, the insurance company will pay out as a tax free lump sum the level of life cover.

Family Income Benefit

This type of policy will pay a series of annual lump sums on your death, until the end of the plan term. Its aim is to provide your dependents with a regular tax-free income if you die.

As with term assurance, you decide on the duration and level of the cover and pay a premium to your chosen assurance provider. A family income benefit plan is ideal if you do not wish your dependents to receive all the sum assured in one go.

Mortgage Protection

This type of policy will provide a tax-free lump sum designed to repay the outstanding repayment mortgage debt if you should die during the mortgage term. The lump sum payable on death will decrease in value each year, but will be sufficient to pay off your remaining mortgage.

The policy should match the terms of the mortgage as closely as possible.

Critical Illness

These policies pay out a tax-free lump sum if you are diagnosed as having a terminal illness or one of a range of illnesses or disabilities.

The range of illnesses that are considered critical will vary from provider to provider, so we recommend that you pay particular attention to the key features documents for any critical illness cover, before you apply for the protection.