Family Protection

Level Term Assurance

Level Term Assurance pays out a cash lump sum in the event of death or earlier terminal illness. This type of cover provides greater flexibility than Family Income Benefit as the cash lump sum can be used to purchase a house, repay debts or provide an ongoing income for your family. On the flip side it costs more than the equivalent Family Income Benefit.

Family Income Benefit

Family Income Benefit pays an income for a set period of time in the event of death or earlier terminal illness. It provides a replacement income for parents or guardians with dependants to ensure financial support is available. This can be used to cover rent, bills, general living costs, or just ease the burden the death of loved one can cause. This type of cover is very cost effective and can ensure your loved ones have a guaranteed income and do not need to worry about handling large lump sums.

Critical Illness Cover

This type of cover is designed to provide a cash lump sum on diagnosis of a serious illness to help financially during a difficult time. They cover a range of serious illnesses such as cancer, stroke and heart attack. The impact of being diagnosed with a serious illness can be great, and critical illness cover can provide the necessary cash injection to allow you the time to get yourself back on your feet.

Income Protection

Income Protection provides a tax free monthly income should you become unable to work due accident, sickness or injury, or in some cases unemployment. It can be used to cover your rent, mortgage, bills or general living costs until you are able to return to work.

Not to be confused with ASU (Accident, Sickness and Unemployment), MPPI (Mortgage Payment Protection Insurance) or PPI (Payment Protection Insurance), Income Protection is the most comprehensive type of incapacity insurance available.

Accident, Sickness & Unemployment

ASU is a type of short term income protection. It is designed to provide a replacement income should you become unable to work due to accident, sickness or unemployment, but any claim period is normally limited to a maximum or 12-24 months.  Some ASU providers will have default exclusions written into the policy that might make it more difficult to claim on in the future. Austin Friars will always ensure you are completely informed to make the correct decision about protecting the things most important.

The income can be used to cover you important outgoings such as rent, bills, food or general living costs.

Whole of Life Cover

Whole of Life cover is a type of life insurance. Unlike term insurance, this type of cover runs until a claim is made, whenever that may be. Because the insurer knows that they will have to pay out eventually, the cover can be considerably more costly, but if you are looking for a guaranteed payout for your family no matter when you pass away, this type of cover could be the right choice.

Over 50 Plan

An Over 50 Plan is a type of whole of life plan. They have no upfront medical questions so acceptance is guaranteed. This normally means the level of cover is limited to a return of premiums for the first 1 to 2 years, and the maximum level of cover after this can be much lower than other alternatives.

Given the absence of any health questions they can be very useful if you have medical conditions.

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