Life and Health Insurance
Cover to help protect your family
This is called Level Life Insurance and is a straightforward way to help provide financial security for your family, or to help cover an interest only mortgage. Decreasing Life Insurance is a way to provide cover for a repayment mortgage or loan that decreases over time.
Looking for critical illness cover?
MWS offer a range of products that combine life cover with critical illness cover to protect you if you were to suffer one of the specified critical illness’.
Cover to protect your income
Two available products for this is Accident, Sickness and Unemployment (ASU) or standard Income Protection. These products allow you to continue meeting your financial commitments and look after your loved ones in the event you are unable to work, made redundant or suffer an accident.
Level Life Insurance
This insurance is taken out to provide a specific sum in the event that the worse happens. Any specific sum can be insured and will be paid to your dependants in the event of your death. The money can be used to help pay off a mortgage, provide tuition money, pay for funeral costs etc.
Decreasing Term Insurance
This insurance is primarily used to cover the mortgage in the event of the worst happening. How the insurance works is that you insure the outstanding balance of your mortgage, the sum insured decreases as the term of your mortgage decreases, and so do the premiums. If at any point throughout the term the policy holder dies, the remaining mortgage debt will be cleared.
Critical Illness can be taken out to insure against serious illness. The illnesses are indicated by the insurer. If you have a claim, a tax-free sum will be paid to you if you suffer a defined illness during the term of your policy. You can insure as much as required and decide how long the policy will last for. It is usually taken out to provide encase of inability to work or for extra treatment.
Accident, Sickness &
ASU provides an income in the event that you lose the ability to work due to an accident, sickness or becoming unemployed. This is a short-term policy that usually pays for up to a maximum of two years. The income provided allows you to meet your financial commitments until you are able to work again or until the policy term ends.
Not being able to provide, pay financial commitments and pay the mortgage are peoples biggest worries. Income Protection is a longer term policy that pays out a tax-free monthly benefit if you cannot work due to illness or an accident. These policies start paying after a specific period of time, this can be chosen by you and can range from one month to 12.
The cost of all of the premiums for these insurance policies depends on your lifestyle, health, age and medical history.
If you need a reevaluation of your current insurance policy(s), your first policy setting up, or are not quite sure how much cover you need to ensure your loved ones are protected, contact MWS today for a free consultation.
If you would like to speak to one of our advisers about certain life insurance requirements you might have, please contact us today!