Life Insurance
Life insurance itself is a commonly misused term often used to describe the entire Protection market. A more appropriate heading would be “life only” cover.
Simply put, life insurance will pay out a sum of money if the covered party was to die and the circumstances surrounding the death are within the policy’s conditions.
You can decide on an amount of cover that is appropriate to you and how you want the cover to continue.
There are options to have life insurance on a decreasing or level term basis and/or Whole of life. These policies can usually be indexed and written in trust.
Our specialist advisors will help you select what the appropriate cover for your circumstances.
TERMINOLOGY
Decreasing Term
is where the amount you would receive in the event of a claim remains consistent for the period selected (in addition you may have the option to “index” the cover).
Level Term
can also be known as “Mortgage protection”. This is where the amount of cover you have opted for will decrease over a set period of time. Therefore it may used to cover a decreasing loan such as a mortgage.
Whole of Life
a life only plan that will pay out whenever you die (no upper age limit)
Indexing
It will be possible to index certain product which will try to protect the pay out value from inflation, although it may also lead to an increasing premium.
These plans have no cash in value at any time and will cease at the end of the term.
If premiums are not maintained, then cover will lapse.
When having a consultation with Wyke Financial we will consider your specific Protection needs and arrive to an agreed proposal that is both considerate of your circumstances and budget. We aim to outline for you the different areas of insurance cover we can provide and what cover they offer.
Other types of insurance such as buildings & contents or Landlords Insurance will be listed under GENERAL INSURANCE It would be worth your time having a read of the sub sections below so that you can decide prior to your appointment which type of cover is appropriate to you and your circumstances. Although we will of course advise you and recommend an appropriate protection product or package from our panel.