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Which is your best Life Insurance option?
Which life insurance is right for you? Here at Lifecover2go we aim to help you understand the different types of Life insurance and other protection policies that you might need for your future security. Here is a brief overview of the policies we describe.
Getting a quote is simple and easy, we search the market for the best prices and allow you to apply yourself online, or if you prefer you can speak to one of our Qualified Protection Advisors, who will provide advice at any stage of the process.
Level Term Life Assurance/Life InsurancePremiums are fixed for a number of years and a full payout on claim at any point during the term. [read more]
Increasing Term Life Assurance/Life InsuranceThe cover increases every year without the need for a medical. Not as popular as Level Term, but suits people who may require additional cover in line with increases in their income and inflation, therefore it should be a consideration. [read more]
Decreasing Term Life Assurance/Life InsuranceThe payout reduces over the cover period at a flat fixed rate each year. Premiums are usually cheaper. [read more]
Renewable Term Life Assurance/Life InsuranceA short term policy and therefore cheaper initially, and usually used for protecting Company Directors/key staff. It can be renewed without further medical evidence. [read more]
Family Income Benefit Life Assurance/ Life InsuranceInstead of paying out a lump sum, this type of cover provides a tax-free annual income until the end of the term specified at outset. It is suitable for families with young children. [read more]
Permanent Health InsuranceSame as Income Protection a plan designed to replace income in the event of disability by reason or accident or sickness. The policy pays a tax-free income to recovery or term of the policy. Cover is usually restricted to 50-65% of pre-disability income. Options include level or indexed cover. [read more]
Critical illness InsuranceWill pay you a tax free lump sum on diagnosis of any one of a range of specified illnesses. Critical illness insurance will cover certain types of cancer, heart attack, stroke, brain tumour and many more. [read more]
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Accident Sickness & Unemployment or ASUProvides cover for your household expenses such as mortgage when through no fault of your own you become unemployed, or you're unable to work because of an accident or sickness for up to 12 months. Sometimes available as accident/sickness only, or unemployment only. [read more]
Mortgage Payment Protection or MPPIMortgage Payment Protection same as ASU. Insurance will pay you a monthly sum to cover your mortgage payments (plus a little extra for household bills) if you suffer from an Accident, Sickness or involuntary Unemployment which prevents you from working. Policies normally pay for up to 12 months(sometimes 24 months) whilst you recover, leaving you without the worry of being able to make your mortgage repayments on time. Both you and your partner can be covered on the same plan. [read more]
Redundancy InsuranceIs the same as Accident Sickness & Unemployment/Mortgage Payment Protection insurance designed to cover mortgage payments and associated costs for accident sickness or involuntary unemployment. Sometimes available as unemployment/redundancy only. [read more]
Mortgage Protection AssuranceLife Assurance/Life Insurance where the lump sum reduces in line with the outstanding mortgage balance of a repayment mortgage over time. [read more]
Income ProtectionAn income protection plan is designed to replace your salary and provides a tax-free income if you are unable to work through disability. The policy pays a monthly tax-free income until you recover, right up to your retirement date if necessary. The payout can be level or it can be set to rise with inflation. [read more]
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