Life Insurance and Critical Illness Insurance essex

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Term insurance

With term life insurance, you choose the sum assured (the amount of cover you need) and the duration of the policy. If you pass away within the term, the policy pays out to your beneficiaries. However, if you survive to the end of the term, the policy ends with no payout. There are two main types of term life insurance: level-term, where the payout amount remains constant throughout the policy, and decreasing-term, where the payout reduces over time.

Critical Illness Cover Essex

Critical illness cover, available as a stand-alone policy or as part of a life assurance policy, provides a tax-free lump sum upon the diagnosis of a serious medical condition (not necessarily fatal).

These conditions include heart attacks, strokes, and certain types or stages of cancer. Some providers now offer coverage for over 50 illnesses, ensuring broader protection for you and your loved ones.

It is important to note that insurance companies all vary depending on the areas of illness they would normally consider to make a payment on.

For example, if you are diagnosed with a condition like cancer, you may be entitled to a payment, but some policies aren’t covered for certain medical situations. The sum if you’re diagnosed will also depend on your circumstances and the terms of your policy.