Let us remove the mystery surrounding life assurance, it is really very simple and with independent financial advice you can choose the type of cover that you require at a very competitive price.
Working with your Money Doctor adviser you can
• select the correct amount of cover
• the correct product and term (years) that you require
• obtain a competitive quotation for your circumstances
• obtain an immediate online quotation
Click button above to download form for those who wish to have their policies transferred to our agency and reviewed at no charge – policies they may not need, or do not cover the required risk adequately and invariably are overpriced. On receipt Money Doctor will contact you by mail or phone.
Types of Cover
When you are purchasing a life policy you can decide if you want the policy to cover one or more persons by defining the policy as follows:
Single life – you are insuring one life only
Joint life – you are insuring all lives named on the policy, but the policy will only pay out on one of the insured parties named in the policy, the first person eligible to claim under the terms of the policy.
Dual life – you are insuring all lives named on the policy, and the policy will pay out on all of the insured parties named in the policy, even after it has paid a claim on another insured party named in the policy.
The full range of ‘life assurance’ products are available through Money Doctor, however these are the main product types selected / requested by our clients. In all cases you need to fully understand the policy conditions to insure that the product you are purchasing meets your needs, your Money Doctor adviser can help you with this understanding.
Decreasing Term Assurance
The term ‘Mortgage Protection Insurance’ can best be described as any ‘life assurance’ required / accepted by a lender to support the loan they are providing to the borrower. The cheapest form of assurance to support your loan is ‘decreasing term’ assurance but you should consult your Money Doctor adviser on the product most suitable to you and your family’s needs and circumstances.
You select an initial sum to be insured over an agreed term for a fixed monthly/annual premium. The sum insured decreases each year until the end of the term, at which time all insurance cover ceases. There are no savings associated with this product.
Main use / Advantage
This type of insurance is normally associated with mortgage lending and is generally the cheapest form of life assurance.
Level Term Assurance
The client selects the sum to be insured over an agreed term for a fixed monthly/annual premium. The sum insured is maintained throughout the agreed term at the end of which all insurance cover ceases. There are no savings associated with this product.
Main use / Advantage
This type of insurance is often associated with mortgage lending and with providing specific life cover for an agreed period. For many people it is an effective way of toping up ‘life cover’ while at the same time meeting lenders requirements associated with a mortgage.
This policy can be used to support future mortgage lending, in certain circumstances.
Convertible Term Assurance
You select an initial sum to be insured over an agreed term for a monthly/annual premium. The sum insured and type of policy is convertible within parameters set out in the policy by the assurance company. However, you can amend the term and cover provided on the basis of your ‘health status’ as defined by the assurance company at the time the policy was taken out. The premium you pay will be adjusted in line with the changes in your policy, based on your original ‘health status’. Savings can be associated with this product.
Main use / Advantage
This type of insurance is often associated with young professionals whose requirements will change as they progress through life. For many people it is an effective way insuring that the cost and / or availability of future life cover does not rise / or is un-available as a result of an unexpected health problem in future years. It is not usually associated with mortgage lending.
Whole of Life Assurance
You select the sum to be insured for a fixed monthly/annual premium. The sum insured is maintained throughout your life and you can build up an ‘investment’ amount, or ‘surrender value’ in the policy. So long as the policy has an investment value or you continue paying the premiums, which can increase or decrease over the years, the cover remains in force. Providing the policy remains in force up to your death it will pay out the agreed death benefit and any ‘investment’ value remaining to your beneficiaries. This can be an expensive form of life assurance.
Main use / Advantage
This type of insurance is often associated with ‘estate planning’ providing specific death benefit to meet inheritance costs. It is not normally associated with mortgage lending