Life Insurance & Mortgage Protection

You insure your car and you and you insure your home; surely it is important to insure yourself? Active Financial Services has provided advice on Life Insurance, Critical Illness, Mortgage Protection and Business Protection throughout Cleveland, Teesside and the North East for many years. There are many times in your life that you need life insurance and it can take many different forms: Level Term Life Insurance Level Term Assurance is life insurance that pays out a set amount if you die within the term of the policy. Level Term Assurance is usually used to cover fixed repayment values; for example, an interest only mortgage where the amount you owe remains the same until the end of the mortgage, or to provide a sum to your family to help support them until they can become financially independent without you.

When a term assurance policy expires, it has no value. This means that if you do not die within the term, you will not receive any money back. If you are unsure which type of insurance is right for you, please contact us for advice.

Decreasing Term Assurance / Mortgage Life Insurance

Decreasing Term Assurance is normally used to cover a repayment mortgage where the amount you owe reduces as you repay it.

The premiums won’t change during the lifetime of the policy but the amount that will be paid when you die will reduce starting from the amount of cover you specify, and ending at zero by the end of the term.

When a Decreasing Term Assurance policy expires, it has no value. This means that if you do not die within the term, you will not receive any money back.

Critical Illness Cover

Critical Illness Cover is insurance that pays out if you are diagnosed with an illness specified within the policy. It is designed to help you adapt if your life is changed by an illness. The illnesses covered by each policy will differ, so it is important to read the full details of the plan you are considering. The following illnesses are typical:

• Blindness - permanent and irreversible;
• Cancer - excluding less advanced cases;
• Heart Attack – of specified severity;
• Coma - resulting in permanent symptoms;
• Kidney Failure – requiring dialysis;
• Stroke – resulting in permanent symptoms;
• Deafness - permanent and irreversible.

Insurers may also exclude some illnesses because you already have them, or are likely to get them because of your health or lifestyle. The premiums are often reviewable, meaning they may change during the term of the policy; although, some providers offer fixed premiums that are guaranteed not to change.

Critical Illness cover is not designed as a replacement for your income. If you are looking for cover to protect your income if you are unable to work then please contact us for advice.

Family Income Benefit

Life cover which pays your dependents an annual income following your death, for the remainder of your selected plan term.

Whole of Life

The gamble is different here, because we all know we are going to die, we just don't know when! The insurer is gambling that they can get enough premiums from you so that the premiums and the interest/growth on them will equal or better the amount of money (sum assured) they must pay out when you die.

Most whole of life policies pay out a lump sum on death, and their main attraction is the fact that it will pay out at some stage.

For further information or advice on any of the above, please contact us.

Email: enquiries@activefinancialservices.co.uk Phone: 0845 555 0 888

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