Life Protection Options

There are several ways in which to protect yourself and your family in the event of an untimely death.

Most people take out life assurance to provide for their families and alleviate any financial worries at a difficult time.

Level Term Assurance pays a lump sum in the event of death during the term of the policy. There is no investment element within a term assurance contract so at the end of the term there is no maturity value and life cover ends. The benefit is paid tax free and premiums are usually monthly, and fixed throughout the term. Because the term and benefit are known from the outset, and there is no investment content, term assurance can be a cost-effective method of protection.

Decreasing Term Assurance works similar to Level Term Assurance, but the benefit is set at outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage, or other loans where the amount of capital outstanding also decreases over time. Because the benefit reduces over time, the premiums are usually lower than for Level Term Assurance.

Family Income Benefit works the same as term assurance but instead of paying a lump sum upon death, it will usually pay a regular monthly/annual tax free income in the event of death to your dependants up until the end of the term of the policy.

Critical Illness Insurance is usually available as an addition to all term assurance plans but can be bought on a stand alone basis. Critical illness provides a lump sum benefit / income in the event of diagnosis of certain critical illnesses, such as Heart Attack, Stroke, Transplant, Blindness, Total & Permanent Disability and so on. The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.

Risk Reality Calculator

Find out what life may have in store for you

We all hear news of a friend or a relative who

  •     is off work for a few months, or
  •     has been diagnosed with a serious illness, or
  •     has unexpectedly died.

It’s shocking and all the more difficult to imagine it happening to us.

What are your chances? Are you prepared?

Enter just a few personal details to see the risk reality calculator results for you.

Using only the details you enter here, the results on the next screen give you a rough idea of the chances of one of the above events happening before your chosen retirement age. The calculator uses population and industry statistics and your personal results are shown as a percentage. Please remember, these results are only a guide and are not certain to happen. Everyone is different, as are their financial needs. If you are unsure what to do next, speak to your financial adviser.
 Click Here for Risk Calculator

– The statistics provided via this link are based on research carried out by insurance company LV=. However as independent advisers, Malleny Mortgage Solutions will consider policies from the whole of the market before making any recommendations to you.

Contact us today:

contact@mallenymortgagesolutions.com 0131 344 4301