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Insurance

Life Insurance

Life insurance, which can also be known as life cover or life assurance, is a type of policy that protects your loved ones with financial support if you die. It can help minimise the financial impact that your death could have on your family and offer peace of mind to those you care about most.

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Most life insurance policies are designed to pay out a cash sum to your loved ones if you die while covered by the policy. It can help them deal with everyday money worries such as household bills, childcare costs or mortgage payments.

Critical Illness Cover

Critical illness cover supports you financially if you’re diagnosed with one of the conditions included in the policy. The tax-free, one-off payment helps pay for your treatment, mortgage, rent or changes to your home, such as wheelchair access, should you need it.

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Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy. It only pays out once, after which the policy ends.

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The conditions and illnesses covered can vary significantly between different insurers. The most comprehensive policies cover 50 different conditions or more, but others are much more limited.

Examples of critical illnesses that might be covered include:

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  • Stroke

  • Heart attack

  • Certain types and stages of cancer

  • Conditions such as multiple sclerosis

  • Major organ transplant

  • Parkinson’s disease

  • Alzheimer’s disease

  • Multiple sclerosis

  • Traumatic head injury.

Income Protection

Many of us would struggle to keep on top of our essential outgoings, such as mortgage and rent, if we lost an income due to illness or an accident. Income protection is a long-term insurance policy that makes sure you get a regular income until you retire or are able to return to work.

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Income Protection Insurance:

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  • Provides regular payments that replace part of your income if you’re unable to work due to illness or an accident

  • Pays out until you can start working again – or until you retire, die or reach the end of the policy term – whichever is sooner

  • Typically pays out between 50% to 70% of your income if you’re unable to work, tax-free.

  • Covers most illnesses that leave you unable to work – either in the short or long term (depending on the type of policy and its definition of incapacity)

  • Can be claimed as many times as you need to while the policy lasts.

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There’s often a pre-agreed waiting (‘deferred’) period before the payments start. The most common waiting periods are 1, 4, and 8 weeks. 

 

The longer you wait, the lower the monthly premiums.

It’s not the same as critical illness insurance, which pays out a one-off lump sum if you have a specific serious illness.

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