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Life & Critical Illness Cover

Life assurance is quite a straightforward product that pays out a lump sum, or an income, if you die while you are covered.

At Apex CB Financial Planning we can help you sort out the right type of policy and understand which options are best for you.

What type of cover do you need?

Family cover

This is cover to provide either a lump sum or an income so that your family can replace your income and cover their needs. As the level of cover usually stays the same throughout the term it can also be used to pay off an interest-only mortgage.

Family cover comes in 2 forms:

  • Lump sum benefits, known as Term Assurance, provides a single payment on death within the term of cover, after which the policy ends.
  • Family Income Benefit pays a regular sum from death until the end of the policy term and replaces the income lost through bereavement. Family Income Benefit is usually cheaper.

Mortgage cover

As well as inheriting assets your family will inherit your debts too. This is why it is vital to make sure that you have enough life cover to repay everything. A Mortgage Protection Policy pays out a lump sum allowing you to pay off your mortgage (or other loans) on death. The cover reduces through the term in line with a repayment mortgage so it’s usually cheaper for this reason.

Optional extras

When advising you on life assurance we will make sure that you know about the options you need to consider, such as:

  • Terminal illness benefit, which pays out the cover if you are diagnosed as having less than 12 months to live, which allows you to sort out your affairs, or use the money for some quality time with your loved ones.
  • Critical illness benefit pays out the cover if you are diagnosed with a really serious illness, such as cancer, heart attack, or one of the other potentially terminal conditions in the policy. Having available money shortly after diagnosis means choice, and the option to seek private consultations and treatment.

Whichever option is right for you we will help you find the best price using our whole of market quotation system. Contact us to speak to one of our highly experienced Financial Advisors.


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