Protection Insurance
Protection Insurance Explained
Life insurance, critical illness cover, income protection and family income benefit. They all do different jobs. Here is what each one is for, so you can work out what your family actually needs.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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The Basics
Different Cover for Different Risks
No one policy covers everything. Most families use a mix.
- ✓Life insurance: pays out if you die during the policy
- ✓Critical illness: pays out on diagnosis of certain serious illnesses
- ✓Income protection: pays a monthly income if you cannot work
- ✓Family income benefit: pays a monthly amount to your family if you die
How We Help
How to Choose
Five questions to ask.
What Would Happen to the Mortgage?
Life cover can clear it.
Could You Cover the Bills?
Income protection can replace lost income.
What if You Got Seriously Ill?
Critical illness cover pays a lump sum.
Who Relies on You?
Children and partners change how much you need.
Is It in Trust?
Can help the payout reach the right people quickly.
Types of Cover
Which Does What?
A quick guide.
Common Questions
Protection Questions, Answered
The things people ask us most.
What is the difference between life insurance and critical illness cover?
Life insurance pays out if you die. Critical illness pays out if you are diagnosed with a covered serious illness.
Do I need income protection if I have life insurance?
They do different jobs. Life cover protects your family if you die. Income protection covers your income if you cannot work.
How much cover do I need?
Enough to clear your mortgage and cover your family's needs. We can work it out with you.
Is protection expensive?
It depends on your age, health and the cover. It is often cheaper than people expect.
What does writing a policy in trust mean?
The payout goes to the people you choose, often more quickly.
Should I review my cover?
Yes, when you move, remortgage, have children or your income changes.
Related guides
- Do I need life insurance with a mortgage?
- Income protection explained
- Global treatment with life insurance
- Why couples need a will
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
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