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Terminal Illness Cover (TIC)
Terminal
Illness Cover is generally provided in all
our life insurance policies as standard and at no extra cost.
If the life assured is diagnosed with less than 12 months to live
then the life insurance company will pay out the life insurance
cover early.
Critical Illness Cover (CIC)
Critical
Illness Cover pays out in the event of the
life assured suffering one of a number of critical illnesses.
The most common claims for critical Illness cover are heart attack,
stroke and cancer – although there are generally around
30 definitions covered with the better Critical Illness Cover
policies including MS, Coma, CJD, major organ transplant, liver/kidney
failure, blindness, open heart surgery, as well as Total &
Permanent Disability.
Waiver of Premium (WOP)
Waiver
of Premium is an optional extra with all life
insurance policies whereby if you are unable to work through accident
or illness then your premium for your life policy is waived and
paid by the insurance company for you.
Guaranteed Insurability Option (GIO)
Guaranteed
Insurability Option is an option provided
with most term assurance policies at no extra charge. If the policy
holder changes job, moves house or has a child then they are entitled
to increase their cover by a certain amount at the same rates
as the original policy was taken out. The Guaranteed Insurability
Option is useful to have as even if the policyholder has suffered
deterioration in health they are guaranteed to get cover at reasonable
premium rates.
Income Protection
Income
Protection comes in a number of guises. Generally
it is used to provide a regular monthly income if you are unable
to work through accident, sickness and sometimes involuntary unemployment.
Accident Sickness and Unemployment (ASU) Cover
Accident
Sickness and Unemployment (ASU) Cover will
pay a regular monthly income, usually after you have been unable
to work for 30 days and will continue to pay an income for a maximum
of 12 months. Accident Sickness and Unemployment (ASU) Cover can
be good value, especially for people in higher risk occupations.
You can buy Accident Sickness and Unemployment (ASU) Cover combined
or just the Accident, Sickness element or Unemployment element
if you prefer. Accident Sickness and Unemployment (ASU) Cover
is limited to the amount of your monthly mortgage repayments plus
a small surplus to cover mortgage related insurances. Accident
Sickness and Unemployment (ASU) Cover is also known as Mortgage
Payment Protection Insurance (MPPI). Your mortgage lender will
offer you this type of insurance however it is generally overpriced.
You should also be aware that there are often exclusions in all
ASU policies.
For Accident Sickness and Unemployment Insurance we offer
products from a selected panel of providers.
Full Income Protection (IP) or Permanent Health
Insurance (PHI)
Full
Income Protection (IP) or Permanent Health
Insurance (PHI) is a higher quality sickness cover than ASU cover
in that you can tailor your cover to meet your individual circumstances
and can generally cover up to 60% of your gross income. Full Income
Protection (IP) or Permanent Health Insurance (PHI) is tax-free
so should nearly match your net pre illness income when you come
to claim if you have insured for the maximum benefit. You choose
your waiting period (1,2,3,4,6,12,24 months) and once you have
been unable to work due to any accident or illness for your chosen
waiting period the income will commence. The income will continue
indefinitely until you return to work, reach retirement or die.
Full Income Protection (IP) or Permanent Health Insurance (PHI)
does not cover against unemployment. Cover is priced like term
assurance but also takes into account your occupation; those in
higher risk occupations will pay more.
Home Insurance
Home
Insurance is also known as buildings and contents
insurance. We can arrange buildings and/or contents insurance
including optional extras like accidental damage cover and personal
belongings cover (insurance for items of value that you take outside
the home like jewellery, camera equipment etc).
Most
of our cheaper home insurance policy includes 3 months FREE cover
and no claims discount.
For Home Insurance we offer products from a selected panel
of providers.
Mortgages
A mortgage
service is available via our independent sister company Torquil
Clark. They have access to the very best mortgage deals available
through their qualified advisers. Deals include fixed rates, discounted
rates, capped rates as well as cashback offers.
Your home may be repossessed if
you do not keep up repayments on your mortgage.
LifePolicies Direct Ltd
is authorised and
regulated by the Financial Services Authority.
The guidance and/or advice contained within this website is subject
to the UK regulatory regime and is therefore targeted at consumers based
in the UK.
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