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Mortgage
Protection:
Mortgage protection is the minimum requirement set down by all
Lenders to repay your mortgage in the event of an untimely
death.
This policy is assigned to the Lender and the sum
assured equivalent to your loan declines as your loan is repaid,
eventually going to zero. It's also possible to attach critical
illness to this policy.
Term Assurance:
These plans are available in single, joint or dual life contracts,
and have the option to include indexation and critical illness,
accelerated or stand alone which pays a lump sum if you are diagnosed
as having a specified illness during the term of the plan.
(a) Level Term:-
Sum assured, term and premium are guaranteed throughout but the
cover ceases at the end of the term.
(b) Convertible or reviewable term:-
Sum assured, term and premiums are guaranteed to remain level,
but throughout the chosen term or at expiry of the policy, you will
be offered the chance to convert your policy to a new reviewable
term, or whole of life policy without providing further medical
evidence up to your 65th birthday..
Whole of life:
The whole of life contract is a regular premium, whole of life plan,
with access to a wide variety of protection benefits ranging from
life cover, critical illness hospital cash etc. The premium is linked
to the performance of funds you select. The better the fund performs,
the longer your plan will last and visa versa.
We are very slow to recommend this type of assurance to our clients
as Insurers will review the policy after 10 years and every 6 years
thereafter and depending on the performance of the funds you select,
it can be very expensive.
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