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Life assurance will provide a sum of money in the event of death during the term of the policy. This cash lump sum is paid tax free .
A Level Term Assurance policy is where the amount of cover stays the same throughout the length of the policy. Both the sum assured and the term are set at the start of the policy. Level term assurance is often taken out to help pay off an interest only mortgages.
A Decreasing Term Assurance policy also pays out a cash lump sum in the event of death, however the amount paid out decreases over time. These policies are usually taken alongside a repayment mortgage, and are typically cheaper than they are for level term cover.
An Income Protection policy pays out a monthly income to replace a proportion of your salary in the event that you are unable to work as a result of an accident or sickness. It will pay out after a set amount of time has passed (decided by you at the start of the policy) and will continue to pay until you are either well enough to return to work, you reach retirement age or the end of the policy term. This means that you have the peace of mind of a regular on-going income to maintain your lifestyle should you fall ill, or have an accident and need to take time off work.
Critical Illness Cover:
Critical illness insurance will provide a tax free cash sum in the event that you are diagnosed with one of a set list of critical illnesses where your diagnosis meet the provider’s definition. It is there to make a really difficult time a little bit financially easier. It would allow you to concentrate on getting better rather than worrying about money.
Like life cover, critical illness cover can be a fixed (or “Level”) lump sum or can fall in line with your mortgage balance (“Decreasing”) and you can either take it along side life cover or as a standalone option.
Family Income Benefit:
Family Income Benefit is designed to pay out an amount of cover in the event of death, but instead of providing a one-off cash lump sum like standard life insurance, it pays a regular, tax-free income until the end of the policy term. This can be a suitable option for people who would prefer that their dependants receive a regular income, rather than have to decide what to do with a one-off lump sum.