Critical Illness Cover

It's an insurance policy that helps protect you if you become critically ill during the policy term. It pays out a tax-free lump sum that you can use however you like, that may be to help cover health-related costs, monthly expenses, or lost income while you get better.

You pay monthly premiums for the policy term, from 5 to 50 years, and if you're diagnosed with one of the conditions that are covered during that time, the policy pays out the tax free lump sum.

If you’d like to prepare yourself financially if something was to occur then you should take out critical illness cover.

Think about expenses you’d need to cover if you were critically ill and couldn’t work. It might be monthly outgoings like rent payments and general bills, or instalments on a loan or a repayment mortgage. If you don’t have savings to fall back on, getting cover can help take financial worry away while you’re recovering or having treatment.

The types of critical illness cover are as follows:

  • Level cover - you choose the cover amount and how long you want the cover to run for. The amount of cover and the amount you pay each month stays the same until your policy ends.
  • Decreasing cover - used to help pay off a repayment mortgage, or other debts or loans, if you're diagnosed with a critical illness during the policy term. 

You must be a UK resident when you apply to be eligible. The maximum age limit for taking out Critical Illness Cover is 67, and the minimum term length is two years. What’s more, your policy must end before you turn 75, and the maximum length of your policy is 50 years.

Depending on your medical history, some conditions may be excluded from your policy but each application is looked at on an individual basis. You'll be informed of any exclusions during your application process.

Mortgage Protection

Mortgage payment insurance covers the cost of your mortgage each month should you lose your job or become unwell. Many policies will pay out for a maximum of a year.

If you're unable to work, mortgage protection could pay you a certain amount each month. This can be enough to cover your mortgage or you can choose a policy that will pay out 125% of your mortgage costs to cover other bills too. The pay-outs can last for up to two years, although some policies offer cover for six or 12 months.

Mortgage protection insurance can cover you for the following:

  • accident and sickness
  • unemployment
  • accident, sickness and unemployment  

The pay-out amount depends on the type of mortgage protection cover you choose, and the best cover type for you depends on your personal situation.

Not necessarily. If you know you’re likely to get a large redundancy pay-out, or if your employer’s sick pay is very generous, you may not need it. You might also be covered under your health insurance policy, if you have one, so check first.   

Mortgage protection insurance is a type of income protection that will cover your mortgage payments if you're out of work due to accident, sickness or unemployment. Life insurance will pay out when you die or if you've been diagnosed with a critical illness that's included in your policy.

Joint Policy Protection

A joint life insurance policy covers you and your other half under one policy. It’s also called partners life insurance, couples life insurance and first-to-die life insurance.

This means if you or your partner pass away, the other will get a lump sum. The money can used for anything, like bills and mortgage repayments. This offers you both security in case something unexpected happens.

If you and your partner buy a joint life insurance policy:

  • It covers both you and your partner
  • It pays out once 
  • The policy ends when one partner passes away
  • It’s usually cheaper than two single life insurance policies

If you and your partner buy two single life insurance policies:

  • Each policy covers one person
  • It pays out twice (once each policy)
  • The other partner will still be covered even if one policy pays out
  • It’s usually more expensive than joint life insurance

Yes, you can. You don't need to be married to take out a joint life insurance policy.

If you divorce, you can split your plan into two single life plans.

Likewise if you're not married and split up, you can separate your plan into two single ones.

Level Term Cover

What is level term life insurance? Level term life insurance is where the insurer pays out a fixed lump sum if the policy holder dies within the term agreed. This type of cover offers security that your beneficiaries can receive a specific sum, which can help you all plan for a time when you're no longer around.

Taking out level term life insurance could be a financial lifeline for your family if you pass away during the policy term. A level term payout could help cover not just the mortgage, but other expenses like educational costs, household bills and children's activities, helping your family to stay in their home and maintain their lifestyle.

Level Cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also stay the same over the term of the policy. 

Decreasing Cover pays out a single amount that reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for level cover. You could use it to help cover a repayment mortgage or any other loan that gradually gets repaid.

When a claim is paid, your family will get the amount of money you took the policy out for.

You should think about the following before applying for the cover:

  • How much do you want to be insured for?
  • How long should the policy run for? For instance, 15, 20 or 25 years
  • Will you want to add critical illness cover?
  • Will your circumstances change in the future?

Business Protection

Business protection helps business owners plan for the unexpected by providing cover to ensure the business can continue with minimal disruption following the loss of one of their key employees or one of the business owners through death, critical illness or temporary disablement.

Business protection should be considered because of the following:

  • Negligence – being careless in your work, such as giving bad advice or making a mistake
  • Infringement of intellectual property rights – for example re-using content from a website without permission
  • Defamation – making false or damaging claims about a person or organisation
  • Breach of confidence – sharing confidential or commercially sensitive information without consent

Business protection is available for partnerships (including limited liability partnerships), shareholders, sole traders and key employees. It can also be used to ensure repayment of a business loan in the event of death or critical illness of a partner, key person or sole trader. How the arrangement is set up will depend on the type of business and its particular needs.

The different types of products available are as follows:

  • Business loan cover
  • Key person cover
  • Shareholder protection cover
  • Relevant life cover

Private Medical Insurance

Private medical insurance is an insurance policy that covers the costs of private healthcare, from diagnosis to treatment. You will pay a monthly subscription that covers all or some of the cost of treatment for acute conditions that develop after your health insurance policy has begun.

Private medical insurance covers the cost of private healthcare for conditions that develop after your policy has begun.

Depending on the level of cover, private health insurance may cover you for treatment as an in-patient, out-patient, or day patient. You will usually pay a monthly fee and then make claims for any eligible private healthcare you receive.

One of the main benefits of private healthcare is that you’ll get access to prompt treatment. Health insurance can get you access to new drugs or specialist treatments that aren’t yet available, too.

Monthly premiums vary from person to person. Premiums are calculated based on many factors, like your:

  • Age
  • Current health
  • What your chosen excess is – the higher your excess, the lower your premium will be.

The excess in private medical insurance is a contribution you agree to make towards any claims. The larger the excess you agree to, the lower your premiums will be. You can choose to pay the excess on each claim you make, or only on the first claim you make in each plan year.

It doesn’t usually cover treatment of long-term (chronic) conditions, where the main aim is to keep the symptoms under control – that would make premiums much more expensive. Private medical insurance also won’t cover any pre-existing conditions you may have when you take out a plan.

Landlords Insurance

Landlord insurance is cover for the cost of damage to your property and safeguards you from financial loss. It is specifically designed insurance for landlords and helps protect against the financial burdens associated with letting a property such as loss of rent, damage by tenants and unauthorised alterations to the property.

It is not a legal requirement that landlords have landlord insurance in place to protect their rental properties. However, a standard home insurance policy may not cover your property when it is used for rental purposes.

Mortgage lenders may require you to have landlord insurance in place before you can let to tenants – if you do not, you may be breaching your mortgage terms.

The different types of landlord insurance are as follows:

  • Buildings insurance
  • Contents insurance
  • Rental protection
  • Property owners’ liability
  • Employers’ liability
  • Unoccupied property

A standard landlord insurance policy can offer cover for a range of things, including:

  • Fire, flooding and explosions
  • Theft and vandalism
  • Subsidence
  • Escape of water
  • Replacement for locks and lost keys
  • Accidental damage
  • Boiler breakdown
  • Alternative accommodation
  • New for old cover

Home Insurance

Home insurance is designed to financially protect your home and belongings. For example, if your home is damaged or destroyed in a fire, having the right insurance could mean the insurance provider will pay to replace your belongings and repair or rebuild your home. 

Home insurance consists of both buildings and contents cover which can be bought separately or together from the same provider.

Home insurance is not a legal requirement however, the following may need to take it out:

  • Homeowners
  • Renters
  • Students
  • Landlords
  • Holiday homeowners

There are two types of cover available:

  • Buildings insurance - this could cover the cost of repairing damage to the structure of the property, including the roof and walls, along with any permanent fixtures and fittings, like windows or kitchen units.
  • Contents insurance - This could cover the possessions inside your home against damage or theft. It typically protects furniture, appliances and clothes. It can also cover high-value items separately, including jewellery, computer equipment and bicycles.

Your exact level of cover will depend on the provider and type of policy you choose. The following are usually covered:

  • Fire damage
  • Flooding
  • Storm damage
  • Burst pipes
  • Subsidence
  • Vandalism
  • Theft

Do you need some advice or help?

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