Life Insurance

Life insurance quotes are a delicate issue to most. As homeowners everyone knows they should have life insurance, but few really understand it and fewer are properly covered. We at Cashsafe Limited will always try to explain why we are recommending a Life Insurance policy and amount of cover.

When considering life cover the common attitude is to cover the outstanding mortgage. However, people generally do not consider future changes in their situation for example starting a family, future increased mortgage borrowing, moving to a more expensive property.

Life insurance gets more expensive the older you get so it is always better to take a larger policy than you require. Obviously it is at your discretion and affordability.

You can get insurance quotes, print off application forms and illustrations by clicking below. Please also read the descriptions of the various policies to choose what suits you best. You can of course email us here for a more personalised Life Policy Check. Just include your name, best contact number and time and one of our qualified advisors will contact you.

Level Term Assurance is the most basic type of life assurance. For fixed monthly payments, the amount of life cover - also known as the sum assured - is guaranteed for a fixed term. The lump sum is paid out if death occurs before the policy ends.

With Mortgage Protection Insurance also known as Decreasing Term Assurance you pay a fixed monthly premium but, instead of the life cover remaining level, it gradually reduces over the term of the policy. It is most commonly used together with a repayment mortgage and the sum assured reduces broadly in line with the amount outstanding on the mortgage over the term. The reducing life cover means that the cost of this type of policy is lower than that of Level Term Assurance.

Critical Illness Cover is designed to help protect you financially by paying you a lump sum if you suffer from one of a number of specified illnesses - usually including heart attacks, cancer, strokes, major organ transplants, permanent and total disability and other life threatening diseases. The benefits can be used for any purpose, for example paying off debts, such as the mortgage; being able to change to a less stressful job without worrying about the drop in income; adapting the house or car to accommodate a wheelchair or having a good holiday to recuperate. Critical Illness can also be bought as an add on to Term Life Insurance.

Convertible term assurance plans are those term assurances that have an option to convert to another type of life assurance offered by the same provider, such as endowment, without requiring further medical evidence.

Rather than paying out a lump sum should you die during the selected term, a Family Income Benefit policy pays out a regular tax free income for your dependants for the remainder of the plan term. The amount of income benefit usually remains level over the plan term selected, although you can request that benefits increase in line with inflation as an optional extra. As an example, if you select a £15,000 per annum family income benefit plan over 25 years, and die at the end of year 10, then your dependants will receive £15,000.00 every year for the remainder of the term i.e. 15 years (£225,000.00 in total).

A payment of a lump sum upon the death of the life assured.

Also called as 'dread disease' cover. Such policies can be stand alone or written as an add-on to term assurance. They will pay out a lump sum in the event of a qualifying illness being diagnosed e.g. certain cancers, heart disease or multiple sclerosis.

Pays out a lump sum, so that the life assured is protected for both death or critical illness. The policy pays out on the first event and then ceases.