LIFE INSURANCE

Welcome to the life insurance company that saves you money. We offer a full range of discounted  life insurance products, including life insurance, term insurance, mortgage protection , income protection and critical illness insurance. Listed below insurance is a full range of variations on the main products listed above. Basically the life insurance companies adapt the policies to suit specific  needs.

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LIFE INSURANCE COMPANY ALSO OFFERS

Accident, Sickness and Unemployment Insurance (ASU) - This is a policy that is taken out by the borrower(s) and provides a monthly income in the event of an ASU / redundancy which may then be used to service the monthly mortgage and associated bills. As with most policies the terms differ depending on the plan offered by the insurers, for example, most policies have a period before payments commence and this could be 30, 60 or 90 days. The terms and cost of these policies vary considerably from company to company. Depending on your circumstances the plan may be effected on one or all borrowers covering the full or half the mortgage amount each. Generally this type of is paid for on a monthly basis however it may be paid for with a lump sum for a period of years. The benefit will normally only be payable for a period of time, for example 6,12 or 24 months or until the borrower returns to work. Some lenders make it compulsory to purchase an ASU policy when taking a specific mortgage, therefore it is important to establish the cost and that the policy is required if you wish to take out a mortgage with compulsory ASU.

Cover for a mortgage - When a person has a mortgage it is advisable but not usually compulsory for the borrower(s) to take out cover so that in the event of a death of one of the borrowers the mortgage is repaid. For an additional cost the borrower may extend the cover to cover critical illness, this enables the mortgage to be repaid from the proceeds of the policy in the event of death or critical illness. The lowest price cover attached to a repayment mortgage is called mortgage protection insurance, where the borrower insures for the mortgage amount and the cover reduces as the mortgage amount outstanding reduces. The cost of cover varies between different  companies and therefore it is worth obtaining quotations from a number of companies or this service may also be offered by your mortgage broker if they are also an or linked to an independent financial adviser.  Different alternatives would need to be considered for an interest only loan depending on what type of investment if any is linked to the loan. The borrower may obtain the advice of the options available from the lender, the mortgage broker or an independent financial adviser.

Disclaimer: Information is for guidance purposes only. If you are in any doubt as to the suitability of the contracts offered please consult an independent financial adviser. PIA do not regulate mortgage protection and not all forms of critical illness and income protection products.