Life and Protection Insurance | Income Protection Advice
Life Insurance and Income Protection insurance policies are designed to offer financial support when the unexpected happens. Protection policies such as mortgage protection life insurance, critical illness cover, and income protection can protect you, and your family, from the financial consequences of death, a serious accident or illness, or unemployment.
Choosing the correct policy for you is vital for ensuring your loved ones are cared for. However, there are various types of life insurance income protection policies, and it can be difficult to know which is best for you.
At Cross Point Financial, we have been offering informed, impartial life insurance and income protection advice for decades. We can help you identify the best solution for you and assist in finding the right provider, right through to application.
For more information about the various life and income protection insurance solutions, click below, or get in touch, either via our contact form or by calling Andy on 07976 513630.
Life Insurance (sometimes known as Life Assurance) helps provide financial security for people who depend on you, should you die.
Although money can’t replace a loved one, it can help those left behind to weather the financial storm. For example, it could pay off the mortgage or provide an income to help cover regular household expenditure.
Types of Life Insurance
There are different types of Life Insurance - the most appropriate type for you will depend on your circumstances. Life Insurance will pay out either a single lump sum (sum insured) or a regular income when you die.
- Term Insurance - This is the simplest type of Life Insurance. You choose how long you’re covered for, eg. 20 years (the term), and the policy pays out if you die within the agreed term. You can also take out term cover as a couple, with the policy paying out on the first death only during the term. There are several different types of Term policy available, depending on your needs.
- Family Income Benefit Insurance - This is essentially the same as Term Insurance, but instead of paying a lump sum when you die, it will pay out a regular income instead. This type of payment may be more suitable where the main purpose of the policy is to provide ongoing financial support to dependants.
- Whole of Life Insurance - This pays out a lump sum when you die, whenever that is, as long as you are still paying the premiums.