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| Life & Critical Illness Insurance |
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| What type of cover do you require? |
| Term Assurance Level Term Assurance is the most basic type of life assurance. For fixed monthly payments, the amount of life cover - also known as the sum assured - is guaranteed for a fixed term. The fixed lump sum amount is paid out if a claim is made during the term.
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| Mortgage Protection Insurance With Mortgage Protection Insurance also known as Decreasing Term Assurance you pay a fixed monthly premium but, instead of the cover remaining level, it gradually reduces over the term of the policy. It is most commonly used together with a repayment mortgage and the sum assured reduces broadly in line with the amount outstanding on the mortgage over the term. The reducing cover means that the cost of this type of policy is lower than that of Level Term Assurance.
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| Family Protection Plan Rather than paying out a lump sum should you claim during the selected term, a Family Income Benefit policy pays out a regular tax free income (UNDER CURRENT LEGISLATION) for your dependants |
| Benefit type? |
| Death Benefit Only A payment of a lump sum upon the death of the life assured. |
| Critical Illness Only Also called as "dread disease" cover. Such policies can be stand alone or written as an add-on to term assurance. They will pay out a lump sum in the event of a qualifying illness being diagnosed e.g. certain cancers, heart disease or multiple sclerosis. |
| Death or Earlier Critical Illness Pays out a lump sum, so that the life assured is protected for both death or critical illness. The policy pays out on the first event and then ceases. |
| Benefit Amount |
| This is the amount you would like to be payable on death or earlier critical illness. |
| There are various methods used to calculate the amount of life & critical illness insurance needed, however, as a guide, we would generally recommend that a sum assured equal to your annual salary multiplied by the number of years the cover is required, plus all outstanding liabilities, minus any existing life & critical illness insurance, savings etc. |
| Do you want waiver of premium cover? |
| Spending a small extra amount on waiver of premium cover means that you have the comfort of knowing that your premium payments will continue to be made in the event of long term ill health either through sickness or an accident. |
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| Household Insurance |
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All homeowners need buildings insurance to protect their property against the
unexpected – from falling trees to riots. Let us find you the most appropriate
policy, at the Insurance Store. |
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Buildings insurance may cover the actual structure and fittings of your home. Even if you are not living in a property you may still liable for the damage, so from the moment you sign the contract to a new house, you may legally be responsible to pay for any damage which occurs to your new property. In those circumstances, we encourage you to organise building insurance for your property prior to signing for your new home. |
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To protect yourself, think seriously about taking out enough cover to rebuild the entire property that you live in. Note that this need not necessarily be the actual market value but rather for your estimated amount that you could rebuild the property, as you may be able to rebuild your property at significantly less than the market value. |
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A home insurer may calculate this amount for you based on several factors such the property size, location, market value. Listed buildings may require a little more attention as do higher value properties and a professional valuation should always be obtained. Consider if you want a buildings insurance policy which covers the cost of repair and even entire rebuilding of your property in the event of damage. |
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Finally do not assume that buildings insurance cover is designed only for major damage. Sometimes, broken windows, doors and interior fixtures and fittings can all be claimed on under a buildings insurance policy. |
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Household contents insurance is a home insurance policy designed to cover your
possessions. |
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Furniture, furnishing such as kitchen equipment. |
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General household goods like electrical equipment, clothing, personal effects
and so on. |
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Your frozen food in the event that the freezer defrosts everything. |
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Home contents insurance can help protect you in the event of loss or damage to your belongings whilst they are in your home. This may be though a result of theft, fire or flooding. Think also about what value you want to insure items up to, this may become the maximum amount of money that you can recoup in the event that a particular item or items become damaged. |
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Inevitably, all items are prone to accidental damage no matter how careful you may be. Electrical equipment such as computers, televisions and audio equipment along with glassware tend to be most prone to accidental damage, while often being some of the most valuable possessions within a house. By shopping around, we hope you will find a policy which suits your needs best, and of course, at the Insurance Store. |
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