About the Business
Taking out life insurance can be a great way to protect your family should the worst happen. Life Insurance (Often referred to as Term Assurance) is an insurance policy specifically designed to pay out a lump sum of money in the event that the policyholder(s) dies during the specified term. Its main purpose is to clear any outstanding debts and provide the policyholders family with some financial support. The money could help cover a reduction in household income, pay or clear a mortgage, pay for funeral costs or subsidise ongoing living costs.
When applying for a life insurance policy you will be asked to specify a term for which you would like to be covered. This amount of time (25 years for example) would be how long you policy ran for. There would only be a payout if the policy holder was to die within the term selected. You may also be asked to decide between "Level Term Assurance" or "Decreasing Term Assurance". There is one significant difference between these two types of policies.
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Life Insurance:
Life Insurance, often referred to as life assurance is designed to provide a cash lump sum to your family and loved ones when they need it the most. You pay a fixed monthly premium towards your life cover, for the length of time you would like cover for.
Mortgage Life Insurance:
Decreasing Life Insurance will protect a repayment mortgage. The amount of cover and term you select will mirror that of your mortgage and then decrease in line with your outstanding balance. If you were to die with mortgage debt, the policy would pay out to clear the balance.
Critical Illness Cover:
Critical Illness Cover will pay you a tax-free ‘cash lump sum' should you be diagnosed with a serious illness. If you were worried about how you would support your family if you became seriously ill, then a Critical Illness policy is well worth considering.
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The Ropewalks, Newton St
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Insure & Protect
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The Ropewalks, Newton St, Macclesfield, SK11 6QJ
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