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Life & Critical Illness Insurance
Mortgage Protection & Life Insurance
There are different types of mortgage protection and life insurance (or assurance) available. Some provide a payment only in the event of your death, whereas those with critical illness cover included will provide the lump sum if you are diagnosed with a qualifying medical condition.
Level term life insurance
Provides a fixed lump sum payment should you die within a specified period of time. >>MORE
* You select the amount of cover you would like and the period that you want the cover to run for.
* If you die during the term of the policy, your insurer will pay the fixed amount you are covered for.
* If you set up a joint policy (a single policy to cover two people), the amount of cover is paid out upon the first person's death.
* The policy expires when a claim has been paid.
* The policy has no cash-in value at any time.
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Level term life insurance with critical illness
Provides a fixed lump sum payment should you die or suffer a critical illness within a specified period of time >>MORE
* You select the amount of cover you would like and the period that you want the cover to run for.
* If you die or are diagnosed with a critical illness during the term of the policy, your insurer will pay the fixed amount you are covered for.
* The type of illnesses typically covered include heart attack, stroke, cancer and multiple sclerosis, but the precise cover and exclusions may vary by insurer and the level of cover.
* The full list of specific qualifying illnesses is detailed by insurers in their key facts document, which is available upon request.
* If you set up a joint policy (a single policy to cover two people), the amount of cover is paid out upon the first claim.
* The policy expires when a claim has been paid.
* The policy has no cash-in value at any time.
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Mortgage protection cover / decreasing term insurance
Provides a decreasing lump sum payment to cover your outstanding mortgage amount should you die within a specified period of time >>MORE
* You select the amount of cover you would like and the period that you want the cover to run for.
* The amount of cover reduces each month during the policy term and is calculated to equal the capital outstanding under a normal repayment mortgage.
* If you die during the term of the policy, your insurer will pay the calculated amount of cover at that time.
* If you set up a joint policy (a single policy to cover two people), the amount of cover is paid out upon the first person's death.
* The policy expires when a claim has been paid.
* The policy has no cash-in value at any time.
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Mortgage protection cover / decreasing term insurance with critical illness
Provides a decreasing lump sum payment to cover your outstanding mortgage amount should you die or suffer a critical illness within a specified period of time >>MORE
* You select the amount of cover you would like and the period that you want the cover to run for.
* The amount of cover reduces each month during the policy term and is calculated to equal the capital outstanding under a normal repayment mortgage.
* If you die or are diagnosed with a critical illness during the term of the policy, your insurer will pay the calculated amount of cover at that time.
* The type of illnesses typically covered include heart attack, stroke, cancer and multiple sclerosis, but the precise cover and exclusions may vary by insurer and the level of cover.
* The full list of specific qualifying illnesses is detailed by insurers in their key facts document, which is available upon request.
* If you set up a joint policy (a single policy to cover two people), the amount of cover is paid out on the first claim.
* The policy expires when a claim has been paid.
* The policy has no cash-in value at any time.
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Family Income Protection
This is a low cost term assurance policy which pays a set income in the event of the death of the policy holder.>>MORE
* The tax free income payment is made to a future specified 'end date' agreed when the policy is first taken out.
* It is often used to replace income of the main earner in the event of their death until the last dependent child has reached 18 years of age.
* The income payment can be paid annually or as a lump sum, depending on the specifics of the policy.
* Family income protection can be surprisingly cheap as the policy is on a 'decreasing basis' - the amount that the insurer has to pay out diminishes the closer the policy gets to its end date.
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You can download a guide to the mortgage protection and life insurance policies, as well as other useful information from our research and information centre.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Call us to discuss mortgage protection and life insurance options, fill in the enquiry from below or request a call back. Young Finance also offers a range of income protection policies.
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