Protect Your Family
TAYLOR LUCAS FINANCIAL SERVICES
With you every step of the way
Protect Your Family
Set a policy up that can remove those worries and concerns you have about how your family would cope financially without you. If you have children, a partner or debts, we recommend you have some protection in place to take away the financial burden on the loved ones you leave behind.
Types of Policies
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Level Term Assurance: Level Term Assurance, or LTA, is an insurance policy that provides a set sum assured (the amount of money your beneficiaries will receive upon your death) if you die within a defined period (the term). The word level is used because the sum assured remains the same.
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Family Income Benefit: Family income benefit, or FIB, is a term life insurance policy that will give your family regular financial support if you die. What makes FIB different to standard life insurance is that it pays out an ongoing monthly income, rather than a lump sum.
Other Life Cover Options
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Whole of Life Cover: Whole of life insurance, or WOL, is a life insurance policy that guarantees your family get a payout when you die. It's cover for your peace of mind that your loved ones will have financial security no matter what. Unlike term life insurance, which has a policy end date, whole of life insurance only ends when you die.
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Over 50's Life Cover: Over 50s life insurance is a type of life insurance you can take out between the ages of 50 and 80 to financially protect your loved ones if you die. As long as you pay your premiums, this insurance pays out a cash lump sum when you die. You do not need to disclose any medical history and your application would not be medically underwritten.
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What types of Mortgage Protection are there?Typically, if you have a repayment mortgage, you should have a Decreasing Term Assurance (DTA) policy and if you have an interest only mortgage, you will need a Level Term Assurance (LTA) policy.
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My partner and I are both on the mortgage, do we need a policy each?No, if you have just the one mortgage, a joint policy paying on first death will be enough to pay off the mortgage debt.
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What does term assurance mean?Term assurance means there is an end date to the policy. Term assurance policies are typically designed to protect something temporary like a mortgage or loan.
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How do I decide how much cover I need?That's where we come in. We can help you identify what and how much you need. We'll draw from experience to help you cover every base.
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Can I include a child in my policy?With most critical illness policies, you will receive a payment if your child becomes seriously ill. With some providers, you have to request. It is awful to consider, but some policies will cover the death of a child.
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Will I get my premiums back if I cancel my policy?Unfortunately, not, if you cancel your policy or are unable to pay your premiums, your policy will end, and you won't receive any money back.
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Will existing conditions be covered?Depending on the condition, when you were diagnosed and if you have fully recovered will determine if an exclusion will apply to your policy. We'll discuss your medical history with a host of providers to see who can offer the best solution.
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How long will I be paid if I can't work?You can choose a pay-out term when setting your policy up. You can choose 1 year, 2 years, 5 years or up to your retirement age.
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I already have sick pay through work. Do I need Income Protection?Most sick pay entitlements only last for a few months. Consider what would happen if you needed a year, two years or even longer off work? An Income Protection policy can take over once your sick pay runs out
