Save money on life assurance
Premium rates have come down as a result of
Improved health standards – i.e. people are living longer
Insurance companies have become more competitive
Save money on mortgages
Mortgage rates have improved as a result of:
More competition between providers
Greater choice for more people
General explanation
Why you can save money on life assurance and critical illness
Over the course of the last 18months to 2years protection
costs, have in many cases been decreasing. It has however recently been
announced that providers will be increasing the cost very shortly. The
market has never been more competitive and you may never have a better
opportunity to save money by taking advantage of low cost life assurance
and critical illness cover.
There are a number of factors to consider:
The new plan will need to be underwritten
and could be offered on different terms or rejected if your state of
health is different to when you originally took out the plan. If you
do elect to take this offer you must ensure that the new plan is acceptable
and in force before you stop the original.
You may wish to consider your level of cover
as it may no longer be suitable, will it suffice? If you feel a review
would be beneficial we can help you with this.
Mortgage protection plans are usually
used in conjunction with repayment mortgages to protect against death
and/or critical illness. The cover is designed to reduce in line with
the outstanding mortgage loan.
Life insurance cover is designed to pay
out a lump sum should you die during the term of the policy. This is
usually on a level basis, meaning that the sum assured does not reduce.
Critical illness cover may also be included in the plan.
For an additional cost, critical illness
cover can be added to the life cover or mortgage protection plans. It
provides cover if you are diagnosed with a critical illness such as
cancer, stroke, heart attack, loss of hearing, and numerous others.
A full explanation of the policy will be shown in the
key features document.
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