We find the UK's Best Life Insurance Deals
Are you looking to find a low cost, and effective life insurance policy? Then your search is over. Here at One Stop Money we have access to a huge range of life insurance policies from some of the country's best known life insurnace providers such as: Aviva, Bupa, Legal & General, Zuric, AXA and many more.
Do you need to know a little bit more about insurance cover? Then we are here to help.
Below is a quick explanation of the most popular types of insurance available to protect you and your family. This is only the basics, to find out more make a quick enquiry (use the form to the right) and one of our trained adviser will call you.
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Life Insurances
Life insurance pays out only on the death of the life assured (insured person). Life cover can be taken by the insured, and anybody else that has an isurable interest in the person insured such as spouse, business partner, co-mortgagee or family member. Life insurance can be taken on a level term or decreasing term.This is now as term assurance or decreasing term assurance. Life cover can be on either a whole of life or a pre selected term option (term assurance). The life sum assured range from £5,000-£2 million plus .
Critical Illness
Critical illness cover pays out on diagnoses of one of the classified critical illnesses. This cover can be taken with life insurance or separately. Critical illness cover can be taken by the insured and/or anybody else that has an interest in the insured, such as spouse, business partner, co-mortgagee or family member. Insurance can be taken on a level term or decreasing term basis over a set term.
Terminal Illness
This cover is often a free add on to life insurance. This is the only time the insured person benefits from life insurance. Terminal illness cover will only pay if the insured is diagnosed with an illness that gives them a life expectancy of less than 12 months. The insured will receive the whole sum of the life insurance to use as they see fit.
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ASU
Accident, Sickness and Unemployment cover or ASU as it is more commonly known as. This type of cover is designed to protect your income should you have an accident or sickness, or if you become unemployed. ASU will only cover you for a limited time often only 12 months. You cannot claim for pre-existing medical conditions and will have to have the cover in place for a set time before you are able to claim.
Deferred periods of 30, 60 and 90 days are common. This is where you need to be off work for at least that amount of time before the insurance pays (payments are made in arrears). Back to day one cover is available to help reduce the extra financial burden of the waiting period.
Income Protection Insurance
Income protection is often mistaken for an ASU plan as they have very similar roles. They both pay out if the insured has an accident or sickness and unemployment cover can be added to income protection plans. They also both have deferred periods. Income protection often has 3, 6 and 9 months as its average.
However the biggest main difference is the time the cover pays out for. With income protection it will continue to pay the insured the monthly payments until either the insured returns to work, retires, the policy ends (often at age 65) or the insured dies.
This means if you have an accident and you are unable to work again you will receive the insurance payments until you normal retirement age. This relieves the financial burden of losing the main wage earners income.
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PPI
Payment protection Insurance. Often confused with ASU and income protection. As again they have similar roles. However PPI is often sold with a loan or credit card to protect the loan/credit card payment should the insured have an accident or sickness or be made redundant.
Often payment protection insurance was sold to people that could never claim due to pre-existing medical problems or job types. Income protection is a much better policy to have. Please make a quick enquiry (see right) to assess your existing cover.
MPPI
Mortgage Payment Protection Insurance. Often confused with ASU and income protection. As again they have similar roles. However MPPI is often sold with a mortgage to protect just the mortgage payment should the insured have an accident or sickness or be made redundant.
Often payment protection insurance was sold to people that could never claim due to pre-existing medical problems or job types. Income protection is a much better policy to have. Please make a quick enquiry (see right) to assess your existing cover.
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Permanent Health Insurance
This is another name for Income Protection Insurance see above.
Medical Insurance
This is an insurance that will help pay for private medical help should you require hospitalisation, dental care and any other kind of medical problem. This type of cover (Bupa) is commonly offered by high end companies to cover their employees as they can get back to work quicker
Temporary & Permanent Disability
TPD cover can be taken alongside a life insurance and or critical illness cover. If the insured receives either a injury or is diagnosed with a medical condition which stops them from working permanently then the insurer will pay the sum assured to help make the insured's life as comfortable as possible. Some insurance policies include TPD as standard. Check your policy today.
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Waiver of Premium
Waiver of premium or WOP as it is sometimes known as, is a little known extra that can be included in either life insurance, critical illness and income protection insurance. The waiver of premium will pay your monthly insurance premium should you become ill or have an accident which stops you from working. The waiver of premium insurance has a deferred period of 6 months and will pay your premiums until you return to work or the policy finishes.
Accidental Death Cover
This cover is often the "free cover" offered by the insurance company whilst your application is being underwritten (underwriting is checking your details and assessing your current medical condition) Once you are fully accepted by the insurance company the free cover ends.
Death in Service Benefit
Some companies offer death in service benefits as part of their "extras package". Death in service benefit is a free non taxable benefit which will cover the employee for often 3 times their annual income whilst the insured is employed. This is a great benefit however it will cease immediately if you are made redundant or leave the company. Death in service benefit should not be relied on to cover your mortgage and must be viewed as an extra.
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Other names for life insurance and associated life cover:
Life insurance, life assurance, life cover, critical illness, CIC, terminal illness cover, permanent disability cover, TPD, mortgage cover,
Life insurance can also be fto protect your mortgage such as Mortgage protection, family income benefit, FIB, Family protection, family income protection, lump sum protection, life cover, whole of life, life protection cover.
Life insurance can be taken as either level term cover, decreasing cover, decreasing term, term insurance, life term, key man insurance, joint life cover, death cover, income protection, ASU, PPI, MPPI, Payment protection, terminal illness, accidental death.
Life insurance is also often offered by the high street banks and building societies such as Halifax,lloyds,RBS,Nationwide,Natwest,Abbey, Yorkshire Bank and many more.
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