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Different Types of Financial Protection Insurance.

Financial protection insurance offers financial stability against a range of factors. If you were unable to work and not earn enough money to pay the rent / mortgage and bills – there is a certain type of cover that will support you for this. If you or your partner died, there is a different type of cover to support with paying the rent or mortgage. Financial protection insurance comes in many shapes and sizes. We have removed the jargon and simply explain the different types of cover available below:

Mortgage Life Insurance

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Renters Protection

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Critical Illness Cover

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Income Protection

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Mortgage Life Insurance

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If you’re looking for insurance that is specifically designed to cover your mortgage payments, then we suggest considering Mortgage Life Insurance Cover.

Mortgage Life Insurance Cover is put in place to ensure your outstanding mortgage is paid off in the event of death, giving your loved ones one less thing to worry about.

To ensure you are properly covered, you simply need to tell us how much is left to pay on your mortgage and over what term. That is the exact amount of cover and term length you will need to take out.

This type of life insurance is what is referred to as a ‘Decreasing Term policy’ – as the amount paid out decreases over time to keep in line with your outstanding mortgage balance.

Mortgage Life Insurance can be added onto your Critical Illness Cover.

Renters Income Protection

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Renters Income Protection Cover is ideal for those currently renting in the private rental sector in the UK. It has been designed to offer protection for a large percentage of people who would not be able to protect their income should they find themselves unable to work.

It works through paying out a monthly benefit to people who find themselves unable to work due to an unforeseen illness or accident. It can be used to cover the cost of rent, or it can be put towards other living expenses such as utilities, medical bills, and childcare.

Critical illness Cover

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Critical Illness Cover pays out a Tax-Free lump sum if you are diagnosed with a serious illness, offering additional protection to Life Insurance.

Each provider has a different list of critical illnesses that they will pay out for. In general, it covers you against most cancers, heart attack, stroke, kidney or liver failure and multiple sclerosis.

Unfortunately, there are a huge number of illnesses and disabilities that can affect us at any point in life. Critical Illness Insurance cannot cover absolutely everything but what you are covered for will be outlined in your policy.

You might come across a policy that will cover ten or twenty main illnesses whereas other policies may cover 100s. That is why it’s good to use a specialised broker like The Insurance Surgery to find you the policy that is best for you.

Income Protection

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Income Protection is designed to pay up to 70% of a working individual’s annual pre-tax income as a monthly benefit (tax free) should they be off work due to an unexpected or sudden illness or injury.

With an Income Protection policy in place, you are not restricted on what type of illnesses or injuries you can claim on. You can claim as many times as you want throughout the policy term, with short and long-term options are available starting from 1yr, 2yrs, 5yrs or full cover which usually insures you up to retirement age.

If you are working full or part time hours, Income Protection is a great way to become financially resilient. This will allow you to pay the bills and rent or mortgage, while you are unable to support yourself and the ones you live with.

How to Guides for Life Insurance

If you have any further questions about anything to do with Life Insurance and protection for your family, please feel free to contact our team of expert Life Insurance advisers.
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Click the links below to find out more about the different types of cover available and how they can suit your requirements:

Critical Illness Cover levels of protection
Medical Conditions Life Insurance
Occupations Life Insurance
Smoking and Life Insurance
Sports / Hobbies Life Insurance

Need advice?

We answer your most frequently asked questions.

Do I need Home Protection Insurance?

Whether you are a homeowner or renting a property, it is essential that you have insurance in place to protect you in the event of finding yourself without a regular income. Whichever Home Protection cover you choose, you can ensure that your home and loved ones are protected during tough and stressful situations.

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Life Insurance for Pre-existing Medical Conditions Guide

The list of possible pre-existing medical conditions is almost endless, especially when you consider that there are well over 200 different types of Cancer alone.

Some of the main examples of Life Insurance for Pre-existing Medical Conditions include:

Diabetes (e.g. Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes etc.)

Cancer

Heart Conditions (e.g. Heart Attack, Angina etc.)

Stroke

Kidney Disease

Mental Health (e.g. Depression, Stress, Anxiety, BiPolar etc)

Multiple Sclerosis

Family History (Hereditary / Genetic conditions)

Neurological conditions

Accidental injuries

You will usually be asked about your medical history / condition on your life insurance application to identify the severity and risk.

Some of the main reasons why your life insurance premiums could be increased or critical illness / income protection exclusions may apply because of your medical history:

Medical complications relating to your condition(s)

Mortality data

Lifestyle

Our team of life insurance experts for pre-existing medical conditions will be able to identify which insurance underwriters will be best for you and your circumstances.